Ski-Doo maker BRP bets on outsider, naming ex-Renault exec Denis Le Vot as next CEO

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MONTREAL — BRP Inc. has named Denis Le Vot, a former top executive at French carmaker Renault Group, to helm the Ski-Doo maker and steer it through a bumpy trade war.

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BRP said Tuesday that Le Vot will start as CEO on Feb. 1, when 22-year chief executive Jose Boisjoli is slated to step down from the top job and his role as board chair.

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Le Vot is an automotive industry veteran who turned budget subsidiary Dacia into one of Renault’s best-selling brands.

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An engineer by training with more than three decades in the business — mainly at Renault — he held leadership roles in Europe, Asia and the U.S. and took over at Dacia in 2021 before departing the auto giant in September after being passed over for the CEO position.

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Despite his car credentials, Le Vot’s appointment at BRP came as a surprise to some, who noted his outsider status and lack of experience in powersports.

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“Our initial reaction is neutral/mixed, as an outsider is a surprising selection to us,” said Desjardins analyst Benoit Poirier in a note to clients.

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“We had believed the selection would go to a ‘BRP lifer’ or insider who would have a deep understanding of the history of the company, as well as a strong passion for powersports and the development of these products.”

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But Poirier and other analysts noted market parallels, with BRP and carmakers both relying on a sales model where revenue comes primarily from wholesale purchases by a vast network of dealers.

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The fact he was considered a leading candidate for the top job at Renault suggests that “he is of CEO calibre,” said Stifel Nicolaus analyst Martin Landry in a note.

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“Although we generally favour internal promotions over external appointments, Mr. Le Vot’s credentials are impressive.”

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BRP also stressed the parallels between the turbocharged worlds of Ski-Doos and subcompacts.

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“The automotive industry shares multiple similar market dynamics with the powersports industry and we look forward to drawing on his wealth of experience in this sector,” said BRP lead director Barbara Samardzich in a release.

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The person Le Vot replaces was a company man.

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Jose Boisjoli joined Bombardier Inc. in 1989 and, in 2003, took over as boss of the newly spun-off BRP, which has known no other CEO.

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The engineer, who grew up a half-hour’s drive from its headquarters in Valcourt, Que., and received his first snowmobile at age 10, piloted BRP from a struggling powersports outfit into a brand with worldwide reach that seized on growing demand for side-by-side vehicles, snowmobiles and personal watercraft.

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He passes the baton at a tough time for the sector. After an urge for outdoor activity sparked a sales boom during the COVID-19 pandemic, buyers have more recently responded to inflation and interest rate hikes by pulling back from pricey recreational purchases.

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Now, tariffs have raised costs and fostered a wait-and-see approach to consumption, with the threat of American withdrawal from the United States-Mexico-Canada free trade pact dangling in the new year.