NFI Group Announces Leadership Transition as CEO Paul Soubry Retires

Paul Soubry, the long-serving president and chief executive officer of NFI Group Inc., will retire on January 1, 2025, after 16 years at the helm. The multinational bus and motorcoach manufacturer, headquartered in Winnipeg, confirmed the leadership transition in a news release on Wednesday. John Sapp, a former executive at Eaton Corporation, will assume the role on the same day.

Soubry’s tenure at NFI began in 2009, following an extensive career as president and CEO at StandardAero. Under his leadership, NFI has executed several strategic acquisitions, including the purchase of Motor Coach Industries in 2015, and has spearheaded initiatives for the company’s expansion into battery electric buses. Soubry has also served as an adviser on the Manitoba premier’s business and jobs council. Recognized for his impact in the business sector, he is set to be inducted into the Manitoba Business Hall of Fame next year, and he was named CEO of the Year in 2016.

NFI Group currently holds a significant backlog of orders, valued at approximately $13 billion. The company employs over 9,000 individuals across ten countries and produces a range of vehicles, including New Flyer buses and MCI motorcoaches.

Sapp brings a wealth of experience to his new role. He recently led the aerospace division at Eaton, managing over 12,000 employees and achieving record revenue and operating profits in 2025. His previous positions include leadership roles at Collins Aerospace and GE Aviation. NFI utilized a global recruitment firm to identify Sapp as Soubry’s successor, reflecting the importance of this transition for the company.

In the third quarter of 2025, NFI reported a remarkable 52.1 percent increase in earnings before interest, taxes, depreciation, and amortization, totaling $80.9 million. Despite this positive performance, the company has adjusted its revenue forecasts for the year, now estimating between $3.5 billion and $3.7 billion, down from earlier projections of $3.8 billion to $4.2 billion.

In his farewell statement, Soubry expressed gratitude for his time at NFI, calling it “an honour and a privilege” to lead the company. He plans to support Sapp during the transition to ensure a smooth leadership change.

On the stock market, NFI Group shares remained stable in Toronto, closing at $14.46 on Wednesday.