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☆ The executive in charge of the division that has 2 astronauts stuck in space is leaving Boeing
▼ + stars: | 2024-09-21 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

Ted Colbert, head of Boeing's defense, space, and security division, is leaving the company, per CNBC. Boeing CEO Kelly Ortberg announced Colbert's departure in a staff memo on Friday, CNBC reported. His departure comes amid production problems, budget overruns, and astronauts getting stuck in space. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementTed Colbert, the head of Boeing's defense, space, and security division is leaving the company after 15 years, CEO Kelly Ortberg told staff in a memo on Friday, according to CNBC.

Persons: Ted Colbert, Kelly Ortberg, —, Ortberg —, Colbert, Steve Parker Organizations: CNBC, Boeing, Service, Business

☆ Boeing's defense unit chief Colbert is departing, CEO says
▼ + stars: | 2024-09-20 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Former CEO for Boeing's defense, space and security subdivision Ted Colbert speaks during a press conference in Dubai on Nov. 16, 2019. The head of Boeing 's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August. Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement. Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June.

Persons: Ted Colbert, Kelly Ortberg, Ortberg, Colbert, Steve Parker, Starliner Organizations: Boeing, Air Force One, NASA, International Space Station Locations: Dubai

☆ China sanctions Boeing, two U.S. defense contractors for Taiwan arms sales
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +1 min

Wang Wentao, China's commerce minister, attends a news conference on the sidelines of the National People's Congress in Beijing, China, on Wednesday, March 6, 2024. China's Ministry of Commerce announced sanctions against Boeing and two other defense companies Monday for arms sales to Taiwan, on the day of Taiwan's presidential inauguration. The move is the latest in a series of sanctions Beijing has announced in recent years against defense companies for weapons sales to Taiwan, a self-ruled island that China considers as part of its own territory. Lai Ching-te, Taiwan's new president, has vowed to strengthen Taiwan's security through imports of advanced fighters and other technology and strengthening its domestic defense industry. In April, China froze assets of General Atomics Aeronautical Systems and General Dynamics Land Systems held within China.

Persons: Wang Wentao, Lai Ching Organizations: National People's Congress, China's Ministry of Commerce, Boeing, Boeing's Defense, Space & Security, General Atomics Aeronautical Systems, General Dynamics Land Systems Locations: Beijing, China, Taiwan, China's

☆ Boeing just pulled a classic corporate America move and promoted a woman to clean up its mess
▼ + stars: | 2024-03-26 | by ( Meghan Morris | ) www.businessinsider.com time to read: +3 min

Boeing named Stephanie Pope the new CEO of its commercial airlines division on Monday. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStephanie Pope knows Boeing well: a third-generation employee, she joined the company in 1994. Pope did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Persons: Stephanie Pope, —, Pope, Stan Deal, Michelle Ryan, Elon Musk, Linda Yaccarino, Yaccarino, Carly Fiorina, Marissa Mayer, Sue Gove, Calhoun Organizations: Boeing, Service, BCA, Boeing Global Services, Twitter, HP, Yahoo, Bed, Business Insider

☆ The new boss of Boeing's commercial airplanes division is a third-generation employee
▼ + stars: | 2024-03-25 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Dave Calhoun named a new chief executive of Boeing's commercial airplanes division. In his Monday announcement that he'd be stepping down as CEO of Boeing, Dave Calhoun also named Stephanie Pope as the new head of its commercial airplanes division. She replaces Stan Deal as CEO of Boeing Commercial Airplanes, which designs and builds planes such as the 777, 787 Dreamliner and the 737 family. She is deeply committed to our company, to our employees and to our shared future; and she is the perfect person to take on the leadership of our commercial airplanes business." AdvertisementShe was CEO of the global services division before becoming COO and has also held senior roles in other business units including commercial airplanes.

Persons: Dave Calhoun, Stephanie Pope, Stan Deal, She's, —, Pope, Calhoun, Stephanie Organizations: BCA, Boeing, Service, Airplanes, Boeing Global Services, Alaska Airlines, Eisenhower, Southwest Missouri State University, Lindenwood University Locations: Seattle, Renton, Everett, Washington, Calhoun, Brussels, Ireland

A Boeing E-4B "Doomsday Plane" military aircraft takes off at Joint Base Andrews, in Maryland, U.S., May 11, 2022. The Air Force, which plans to award a SAOC contract in 2024, declined to comment on whether other firms had submitted bids. "We cannot discuss an active source selection and detailed program information is classified," an Air Force spokesperson said. "Rest assured, we haven't signed any fixed-price development contracts nor (do we) intend to," Brian West, Boeing's chief financial officer, said in October. The Air Force currently operates four E-4B aircraft with at least one on alert at all times.

Persons: Tom Brenner, haven't, Brian West, Valerie Insinna, Mike Stone, Marguerita Choy Organizations: Boeing, Joint Base Andrews, REUTERS, Rights, U.S . Air Force, Sierra Nevada Corp, Survivable Airborne Operations Center, The Air Force, Air Force, U.S, Pentagon, Thomson Locations: Maryland, U.S, Washington

☆ Boeing struggles to steer defense unit in another year of losses
▼ + stars: | 2023-10-27 | by ( Valerie Insinna | ) www.reuters.com time to read: +5 min

The Boeing KC-46 Pegasus aerial refueling tanker is seen before a delivery celebration to the U.S. Air Force in Everett, Washington, U.S., January 24, 2019. Despite absorbing $4.4 billion in losses in 2022 – which executives said would lower the risk of future cost overruns – the unit has seen little improvement this year. Excluding last year, losses on Boeing's defense programs in 2023 exceed those from all years since 2014, according to a Reuters review of Boeing’s regulatory filings. The latest charge for Air Force One brought total losses to $2.4 billion on a $3.9 billion contract to develop two planes. A better bet, and one Boeing's defense segment is aggressively pursuing, is inking future contracts for next-generation fighter jets and cutting-edge drones.

Persons: Lindsey Wasson, Lockheed Martin, Brian West, Byron Callan, ”, Seth Seifman, JP Morgan, “, NASA's, West, there's “, Richard Aboulafia, ” Aboulafia, Valerie Insinna, Rod Nickel Organizations: Boeing KC, Pegasus, U.S . Air Force, REUTERS, Rights, Air Force, Boeing, Lockheed, General Dynamics, Capital Alpha Partners, U.S . Defense Department, NASA, BDS, Boeing Defense Space, U.S . Air Force's KC, KC, Thomson Locations: Everett , Washington , U.S, Ukraine

A Boeing logo is seen at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 18, 2023. The recent supplier problem, discovered late last month, involves fastener holes on the 737 aft pressure bulkhead that were improperly drilled and therefore misaligned or elongated. Spirit AeroSystems (SPR.N), which makes the 737 fuselage, said in August it had corrected the production issue and continues to deliver fuselages to Boeing. Despite continued supplier defects, West said Boeing has no intention of changing its supplier master schedule, which calls for Boeing's supply chain to ramp to a monthly production rate of 50 737s by the 2025-2026 timeframe. Reporting by Valerie Insinna and Abhijith Ganapavaram; Editing by Mark Porter and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Brian West, West, Valerie Insinna, Mark Porter Organizations: Boeing, Paris, REUTERS, Rights, Thomson Locations: Le Bourget, Paris, France

☆ Boeing's quarterly results top expectations as airplane deliveries pick up pace
▼ + stars: | 2023-07-26 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing 's second-quarter results topped analyst expectations thanks to a pickup in commercial aircraft deliveries as the manufacturer increases production. Here's how the company performed during the period ended June 30, compared with Refinitiv consensus estimatesAdjusted loss per share: 82 cents vs. 88 cents. 82 cents vs. 88 cents. On an adjusted basis, the company reported a loss of $390 million, or 82 cents per share. Boeing's defense, space and security unit reported a loss of $527 million for the quarter, down from a profit a year ago.

Persons: Dave Calhoun, Boeing's Organizations: Boeing, Max, Renton Municipal Airport, Airbus Locations: Renton, Renton , Washington

☆ Boeing converted its 767 airliner into a military tanker that can refuel other planes midair — meet the KC-46A Pegasus
▼ + stars: | 2023-07-04 | by ( Taylor Rains | ) www.businessinsider.com time to read: +2 min

Boeing's newest military tanker is the KC-46A Pegasus, which can refuel other planes in midair. Boeing is one of the world's leading defense manufacturers providing advanced military aircraft for the US armed forces and allied nations. While Boeing's defense arm is military-focused, it has used its commercial planes as a blueprint for production. One of its biggest — yet controversial — jets is the KC-46A Pegasus aerial refueling tanker, which was derived from the Boeing 767 widebody airliner. The Pegasus is Boeing's newest air refueler, having started production in February 2011 and sending its first to the US Air Force in January 2019.

Organizations: KC, US Air Force, USAF Pegasus, Paris Airshow, Boeing, Department of Defense, Pegasus, USAF

☆ Boeing defense margins to remain flat in second quarter
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - Margins at Boeing's (BA.N) defense unit will look similar in the second quarter to its first-quarter results, Boeing Defense CEO Ted Colbert said Sunday. Margins at its defense unit were negative in the first quarter as Boeing recorded a $245 million pre-tax charge on the KC-46 tanker program. Colbert declined to say whether Boeing would take another charge on the KC-46, which has logged more than $7 billion in losses. He added that there is a “ton of activity” to improve performance at Boeing's defense unit but that it will take time for improvements to be seen. Boeing remains focused on "starting every program the right way," including a contract structure that gives Boeing a "fair shake and healthy business," Colbert said.

Persons: Ted Colbert, Colbert, “, ” Colbert, Valerie Insinna, Hugh Lawson, Mark Potter Organizations: Boeing, KC, Air Force, Thomson Locations: Paris

[1/3] A U.S. Navy F/A-18 Super Hornet fighter lands on the deck of the USS Ronald Reagan, a Nimitz-class nuclear-powered super carrier, during a joint naval drill between South Korea and the U.S., in the West Sea, South Korea, October 29, 2015. REUTERS/Kim Hong-JiFeb 23 (Reuters) - Boeing Co (BA.N) said on Thursday it plans to stop production of the F/A-18 Super Hornet in late 2025 after delivering the last of the fighter jets, as the aerospace giant shifts focus to winning the race for the sixth-generation of combat aircraft. Trade publication Defense News in 2020 reported that at least one prototype was built and flown by the Air Force. It said production of the F/A-18 jet, which debuted in 1983, could be extended until 2027 if the Super Hornet is selected by the Indian Navy for its future fighter. Reporting by Nathan Gomes in Bengaluru and Valerie Insinna in Washington; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs says Boeing can soar more than 80% after earnings
▼ + stars: | 2022-10-27 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Goldman Sachs said Boeing can soar more than 80% after its latest quarterly report. "We continue to believe Boeing has substantial deep value upside as financial inputs and valuation both remain at trough while long-term fundamentals are strong. Several inputs are now improving, including aircraft demand, 787 deliveries, services, and total cash flow," wrote analyst Noah Poponak, who has a buy rating on the stock. Still, the aircraft manufacturer generated nearly $3 billion in free cash flow, and said it expects it will reach positive free cash flow this year. Goldman Sachs lowered its 12-month price target to $242 from $265.

Oct 26 (Reuters) - Boeing Co's (BA.N) ailing defense business on Wednesday recorded a $2.8 billion charge, but the U.S. planemaker stuck to its forecast of generating cash this year despite struggling to raise commercial jet production due to labor and supply shortages. The planemaker said it took charges on its Air Force One and refueling tanker program, among others. "Our revenue and earnings were significantly impacted by losses on fixed-price development programs in our defense business, driven by higher estimated manufacturing and supply chain costs," Boeing Chief Executive Dave Calhoun said in a message to employees. Boeing has appointed a senior troubleshooter Steve Parker to help turn around loss-making programs in its defense unit, Reuters reported on Tuesday. Demand at the global services business that provides spare parts and services such as jet conversions was a bright spot in the quarter through September, with revenue rising 5%.

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