WINNIPEG, Manitoba — Exchange Income Corporation (TSX: EIF) (“EIC” or the “Corporation”) announced its subsidiary PAL Aerospace has appointed Simon Carroll as President of PAL Aerospace, effective March 9, 2026. Carroll will lead the organization’s broad portfolio including airborne special mission engineering and modification; C4ISR mission software and integration; contracted special missions operation and data management; defence in-service support; and adaptive special mission training across a growing global operations footprint.
Carroll brings senior leadership experience across Canada, the Middle East, and Australia. Prior to PAL Aerospace, he held executive roles with Saab, including President of Saab Canada and President and General Manager of Saab Middle East LLC, leading business development and program execution across multiple regions. Earlier, he served 13 years as a Warfare Officer in the Royal Australian Navy and held postings within the Australian Defence Force’s Capability Development Group. After leaving the Navy, he worked in the defence and telecommunications sectors.
PAL Aerospace and the broader EIC family provide Canada’s strategic C4ISR edge by linking sovereign mission software and integration with special mission operations, Arctic mobility, and in-country sustainment – supported by a coast-to-coast-to-coast air network and defence-enabling infrastructure. “Engaging highly talented individuals, like Simon, demonstrates the commitment and importance that both EIC & PAL place on the defence sector,” said Jake Trainor, President, EIC. “Simon strengthens the leadership depth at PAL Aerospace and deliver dependable mission outcomes for customers. EIC’s strategy is straightforward: build sovereign, Canadian capability and deliver it reliably at maximum impact.”
“Simon is joining at a pivotal moment for PAL Aerospace as we are seeing domestic and global demand for proven sovereign allied mission-ready capability accelerating,” said Calvin Ash, CEO – PAL Group of Companies. “Simon is a proven integrator of people, technology, and capabilities with deep international relationships and leadership experience. As our growth accelerates in Canada and globally, his track record leading multi-region teams and delivering complex programs will help us continue to move quickly, execute reliably, and deliver the exceptional outcomes our customers depend on.”
“PAL Aerospace has built an exceptionally rare set of end-to-end special missions capabilities, from mission software and systems integration to engineering, flight operations, sustainment, and training,” said Simon Carroll, President, PAL Aerospace. “What has stood out most to me is the strength and passion of the teams in Canada and across the company’s global facilities. I’m looking forward to working closely with them to scale our next-gen solutions and deliver mission-ready capability with the dependable execution PAL has become known for.”
Noah Note: Mr. Carroll's sudden exit from Saab after nearly a decade as CEO of Saab Canada came as a major shock to me, especially at such a critical time as now. However, I am not here to judge people's career moves. PAL I find is a company that likes to keep to itself. They are very much a major player, but don't necessarily treat themselves as one.
That isn't a bad thing mind you. They just remain fairly quiet, do what they're asked, and continue to operate in the background. Nothing wrong with an estanlished company keeping out thr spotlight. Mr. Carroll to me has always been an opposite. He is outgoing, dynamic, and very much likes to get out there to people.
It will be interesting to see how these mentalities operate, especially as PAL continues to try and expand its portfolio with new offerings in the Maritime Patrol domain and lean more into defence over their more traditional government/Coast Guard market that they've built up globally.
PAL is major supporter of domestic security forces across the planet with existing contracts to provide Maritime Patrol support to partners like the Dutch Caribbean Coast Guard and UK Home Office. PAL is also a major provider in support of Fisheries and Oceans Canada’s Dark Vessel Detection Programme.
Since 2021 the Dark Vessel Detection Programme has helped allies like the Pacific Islands Forum Fisheries Agency, Ecuador, and the Phillipines access critical technologies needed for the detection and tracking of such dark vessels and fleets.
It's one of the things I highlight as a success of Canada’s Soft Power, and something I hope to see expanded. Either way, I await to see how Mr. Carroll does in this role. I have confidence he can do famtastic. Congrats to him!