MONEY OR HONOR…
By Bernard Bujold - The media crisis surrounding AIR CANADA will end just as it began—that is, without any consequences…
AIR CANADA is built on three pillars: employees, customers, and, ultimately, shareholders.
When Michael Rousseau was hired as President and CEO in February 2021, Air Canada’s financial situation was precarious, and the company was suffering massive losses due to the COVID-19 pandemic (a net loss of $3.6 billion for fiscal year 2021), but it had significant cash reserves.
Furthermore, in April 2021, shortly after Mr. Rousseau took office, AIR CANADA reached an agreement with the Government of Canada for a financial support program of up to $5.9 billion to stabilize its operations without resorting to court-supervised restructuring (bankruptcy).
In the fourth quarter of 2025, Air Canada reported record revenue of $5.8 billion and $22.5 billion for the full fiscal year 2025. The company’s net profit amounted to $296 million during the last three months of the year, while Air Canada’s stock price has risen 22% over the past year.
It is worth noting that Air Canada’s stock price has risen by more than 7% since Monday, March 23—a span of three days—after and despite the controversy sparked by the CEO’s message, issued solely in English, following Sunday evening’s tragic accident in New York. This is a fairly clear signal of investors’ complete lack of interest in the issue of bilingualism at Air Canada.
Rousseau’s approach: “We continue to focus on cost management, productivity, cash generation, and maintaining the flexibility of our balance sheet!” said Michael Rousseau during the release of the carrier’s latest results on February 12.
Conclusion: AIR CANADA operates on money, not honor…
Michael Rousseau’s compensation exceeded $12 million in 2022, 2023, and 2024.
SEE RADIO CANADA REPORT
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