NFI Group Announces Leadership Change as Paul Soubry Retires

Paul Soubry, the long-serving president and chief executive officer of NFI Group Inc., will retire on January 1, 2024, after 16 years at the helm of the multinational bus and motorcoach manufacturer. The announcement of this leadership transition was made public in a news release issued by the company, headquartered in Winnipeg, Manitoba.

Soubry joined NFI in 2009, following a successful tenure as president and CEO at StandardAero for over two decades. Under his leadership, NFI has executed several strategic acquisitions, notably the purchase of Motor Coach Industries in 2015. Soubry also spearheaded initiatives aimed at expanding the company’s offerings, including a significant push into the market for battery electric buses. He is recognized for his contributions to the business community and is an adviser on the Manitoba premier’s business and jobs council. Next year, he will be inducted into the Manitoba Business Hall of Fame and was named CEO of the Year in 2016.

NFI Group currently boasts a strong order backlog, valued at approximately $13 billion, reflecting its robust market position. The company employed a third-party recruitment firm to conduct a global search for Soubry’s successor, who will be John Sapp. Sapp previously served as the president of Eaton Corporation’s aerospace division, overseeing more than 12,000 employees and achieving record revenue and operating profits in 2025.

Sapp’s background includes significant leadership roles at Collins Aerospace and GE Aviation, positioning him well to take over at NFI. He will officially assume the CEO role on the same day Soubry retires.

In a statement regarding his departure, Soubry expressed, “It has been an honour and a privilege to lead NFI.” He also indicated his commitment to support Sapp during the transition period.

NFI Group, which employs over 9,000 people across ten countries, manufactures brands such as New Flyer buses and MCI motorcoaches. The company reported a substantial year-over-year increase of 52.1 percent in its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter of 2025, totaling $80.9 million. Nevertheless, NFI has revised its revenue guidance for 2025, now estimating earnings to fall between $3.5 billion and $3.7 billion, down from an initial forecast of $3.8 billion to $4.2 billion.

On the day of the announcement, NFI Group shares remained stable in Toronto, closing at $14.46. As the company navigates this leadership transition, the future trajectory under Sapp’s guidance will be closely watched by industry stakeholders.