ATS Finance Chief Departs for Aviation Tech After Two-Decade Tenure

CAMBRIDGE, Ontario – January 19, 2026 – ATS Corporation, a global leader in automation solutions, announced today the impending departure of its long-serving Chief Financial Officer, Ryan McLeod. After nearly two decades with the company, McLeod will resign effective February 15, 2026, to pursue a senior role in an entirely different sector, creating a significant leadership transition for the manufacturing giant.

In a move signaling a commitment to continuity, ATS has appointed Anne Cybulski, the current VP, Corporate Controller, as interim CFO. This decision comes as the company navigates a period of robust revenue growth, a substantial order backlog, and underlying profitability challenges that have captured the attention of analysts and investors.

A Legacy of Financial Stewardship and Growth

Ryan McLeod’s departure marks the end of an era for ATS. Having joined the company in 2007, he ascended through its financial ranks, serving as Director of Finance and VP, Corporate Controller before being appointed CFO in 2020. His tenure is closely linked with a period of transformative growth and strategic repositioning for the Cambridge-based firm.

During his time in senior leadership, McLeod was instrumental in steering the company through major financial milestones. He oversaw a period where annual revenues more than doubled, growing from $1.4 billion to approximately $3.0 billion. His strategic oversight was critical to the company's U.S. Initial Public Offering on the New York Stock Exchange, which expanded its investor base and global profile. Furthermore, he played a pivotal role in executing 18 strategic acquisitions across North America, Europe, and Southeast Asia, significantly broadening ATS's capabilities and market reach. His leadership also fortified the company's balance sheet through multiple debt issuances totaling over $1 billion.

Company leadership lauded his contributions. “On behalf of the Board of Directors, I want to thank Ryan for his leadership and contributions to ATS. During his nearly 20 years with the Company, he helped strengthen our financial foundation and position the organization for long-term success,” stated Michael Martino, Chairman of the ATS Board of Directors, in the official announcement. CEO Doug Wright added, “Ryan’s leadership has been a key component to ATS’ growth. He has also built a solid and capable finance team that will support a smooth transition as we move forward.”

McLeod's deep institutional knowledge was further highlighted by his recent appointment as interim CEO in July 2025, following the departure of Andrew Hider. This dual leadership experience makes his exit particularly noteworthy, leaving a vacuum in both recent executive and long-term financial strategy.

A Steady Hand for the Transition

To ensure stability, ATS has turned to a trusted internal leader. Anne Cybulski, who will assume the interim CFO role, is a company veteran with deep roots in its financial operations. Since joining in 2009, she has held progressively senior roles and has served as Vice President, Corporate Controller since 2022.

Crucially, this is not her first time in the position. Ms. Cybulski previously served as interim CFO in 2025, bridging the gap before Doug Wright was appointed CEO. This prior experience is seen by the market as a key factor in ensuring a seamless handover of financial oversight. Her qualifications as a Chartered Professional Accountant, combined with an Honours Business Administration degree from the prestigious Ivey Business School and nine years of experience at Ernst & Young LLP, underscore her capability to manage the company's complex finances during the search for a permanent successor.

“Anne has served the company for many years, including through her most recent interim CFO assignment. I look forward to working with her to continue ATS’ growth,” Mr. Wright commented, expressing confidence in the interim appointment.

Navigating a Complex Financial Picture

The leadership change occurs at a pivotal moment for ATS. The company’s recent financial performance presents a complex picture. On one hand, growth metrics are strong. The second quarter of fiscal 2026 saw revenues climb 18.9% year-over-year to $728.5 million, and the company maintains a robust order backlog of approximately $2.1 billion, providing significant revenue visibility. This backlog is fueled by demand in key markets like life sciences, food & beverage, and transportation.

However, profitability remains a concern. The company reported a net loss of $28.0 million in the fourth quarter of fiscal 2025, and its current net profit margin remains in negative territory. While analysts forecast strong earnings growth in the coming year, the company’s financial health, as measured by metrics like the Altman Z-Score, places it in a transitional "grey area." This suggests that while not in distress, the firm faces financial pressures that require careful management.

Market reaction has been similarly mixed. While ATS stock has rallied over 15% in the last 20 days, it remains down over 4% across a longer 120-day period, reflecting a "choppy pattern" of investor sentiment. The company's premium valuation implies high market expectations, placing additional pressure on the leadership team to convert its massive order book into consistent, profitable returns.

A New Horizon in Aviation Technology

The press release noted McLeod was leaving for an "unrelated industry," a detail that sparked considerable interest. It has since been confirmed that he will be joining CAE Inc. as its next Chief Financial Officer, effective February 23, 2026. CAE, a global leader in simulation and training technology for the aviation and defense sectors, represents a significant career pivot from the world of industrial automation.

This move from a long-established role in manufacturing automation to a high-tech aviation firm highlights a broader trend of executive mobility across once-siloed industries. For McLeod, it is an opportunity to apply his extensive financial and strategic expertise to a new set of challenges and opportunities in a technology-driven sector. His departure is not a move to a competitor but a strategic personal shift, though it leaves ATS to fill a role defined by nearly two decades of dedicated service. The search for a permanent CFO is now underway, and the board's choice will be a critical signal to investors about the company's future financial strategy and its ability to capitalize on its current market position.