Eric Martel has been named as the new Chief Executive Officer and president of Hydro Quebec.

He will replace Thierry Vandal, who held the position for ten years before announcing his resignation in January.

Martel used to lead Bombardier's jet plane division but stepped down last month to pursue "other creative opportunities."

He said his priorities at Hydro Quebec will include limiting fee hikes.

Hydro Quebec increased electricity rates by 2.9 percent this year, despite having a record $3.3 billion profit in 2014.

Martel's salary will be more than $480,000 per year.