CAE Inc. has named Ryan McLeod, CPA, CA, as its new Chief Financial Officer, effective February 23, 2026. McLeod joins CAE from ATS Corporation, where he served as CFO since 2020 and steered the company through a revenue expansion from $1.4 billion to roughly $3 billion, margin improvement, and a successful U.S. IPO. His experience in scaling finance operations and executing strategic acquisitions aligns with CAE’s current focus on disciplined capital allocation and operational excellence under CEO Matthew Bromberg.
CAE’s financial strategy is centered on deleveraging and cost discipline. The company has set a target of a 2.5× net debt‑to‑EBITDA ratio by the end of fiscal 2026 and plans a 25% reduction in civil capital expenditures. In fiscal 2025, CAE finished the year with a net debt‑to‑EBITDA ratio of 2.77×, indicating that the deleveraging path is already underway and that a CFO with a proven track record in debt management and capital efficiency is essential to accelerate progress.
McLeod’s tenure at ATS demonstrates the skill set CAE seeks. He oversaw 18 strategic acquisitions and more than $1 billion in debt issuances, while driving revenue growth and margin expansion. His ability to manage large public‑company finance functions and maintain profitability under pressure will help CAE meet its net debt target and sustain free‑cash‑flow generation as it continues to invest in growth initiatives across civil and defense training markets.
CAE’s recent financial performance underscores the urgency of the CFO’s role. In fiscal 2025, the company reported a net debt‑to‑EBITDA ratio of 2.77×, slightly above the 2.5× target, and achieved a 25% reduction in civil capital expenditures, a key lever in its capital discipline plan. The civil and defense training segments remain the primary revenue drivers, with the civil segment benefiting from strong demand for flight‑simulation and maintenance training, while the defense segment continues to secure long‑term contracts with government customers.
CEO Matthew Bromberg said, “Ryan brings a deep understanding of scaling finance operations and executing strategic acquisitions, which is critical as we accelerate our capital discipline agenda and pursue growth opportunities.” McLeod added, “I look forward to working with CAE’s talented finance team to drive operational excellence and support the company’s continued success.” Their comments highlight a shared focus on disciplined capital allocation, margin improvement, and sustained growth across both civil and defense markets.
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