Activist investor Browning West said Friday that CAE (CAE) must hire a new chief executive with a "verifiable track record of value creation" and that it wants to have a say in the selection.

Browning West, which has a 4.3% stake in the Canadian maker of flight simulators, said in a letter to the company's board that "the selection of CAE's next CEO is critical" and that the board should "engage with us to collectively recruit the best possible leader."

CAE said last month that current CEO Marc Parent will be leaving the company at next year's annual general meeting in August.

CAE has as "enviable market position" but has underperformed over the past five years and needs to find the right CEO to realize its full potential, Browning West said.

CAE did not immediately respond to MT Newswires' request for comment.