NFI Group announces leadership transition as longtime CEO Soubry to retire
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Prominent Manitoba businessman Paul Soubry is retiring after 16 years at the wheel of NFI Group Inc.
The multinational bus and motorcoach manufacturer, with its headquarters in Winnipeg, announced a leadership transition Wednesday afternoon in a news release.
Soubry will step down as NFI’s president and chief executive officer on New Year’s Day; former Eaton Corporation executive John Sapp will fill the role the same day.
Mike Sudoma / Free Press Files
NFI president and chief executive officer, Paul Soubry, will step down on New Year’s Day.
Soubry joined NFI in its top job in 2009, after 23 years as president and CEO at StandardAero. Since then, he’s led a number of acquisitions — including of Motor Coach Industries in 2015 — and has overseen initiatives such as NFI’s expansion into battery electric buses.
Soubry is an adviser on the Manitoba premier’s business and jobs council. He’s slated to be inducted into the Manitoba Business Hall of Fame next year, and was named the Financial Post’s CEO of the Year in 2016.
NFI Group currently has a $13 billion backlog of orders to fill.
The company used a third-party recruitment firm to search globally for its next CEO.
Sapp was president of Eaton Corp.’s aerospace division for the past two years. He oversaw more than 12,000 employees and record revenue and operating profits in 2025, an NFI news release reads.
Sapp has also held leadership positions at Collins Aerospace and GE Aviation.
NFI counts more than 9,000 employees across 10 countries. It builds New Flyer buses and MCI motorcoaches, among its brands and products.
The corporation saw a 52.1 per cent year-over-year increase in its earnings before interest, taxes, depreciation and amortization during 2025’s third quarter (clocking in at $80.9 million).
Still, NFI has updated its 2025 revenue guidance: it’s estimating revenue between $3.5 to $3.7 billion, down from an initial $3.8 to $4.2 billion.
In a news release, Soubry called it “an honour and a privilege” to lead NFI. He’ll support Sapp in the transition, Soubry said.
NFI Group shares were flat in Toronto on Wednesday, closing at $14.46.
— Free Press staff