DIRS.INFO The most relevant business & tech news

☆ Boeing’s head of defense unit Ted Colbert to leave
▼ + stars: | 2024-09-20 | by ( Reuters | Cnn'S Chris Isidore | ) edition.cnn.com time to read: +2 min

Reuters —Boeing said on Friday that Ted Colbert, president and CEO of its defense, space and security unit will be leaving the company effective immediately. “I’d like to share that Ted Colbert, president and CEO of Boeing Defense, Space & Security (BDS), will be leaving Boeing, and that l’ve asked Steve Parker to temporarily oversee BDS, effective immediately, until a replacement for Ted is named at a later date,” Kelly Ortberg, Boeing’s president and CEO, said Friday in a statement. In the most recent quarter, Boeing’s Defense, Space & Security unit lost $913 million, up from the $527 million loss in the same period a year ago, after a narrow profit in the first quarter. But both the second quarter loss and the 2023 full-year loss were more than the company’s troubled commercial aircraft unit lost in the same periods. Boeing’s shares closed down about 1% on Friday and have lost about 41% so far this year.

Persons: Ted Colbert, Steve Parker, “, l’ve, Ted, ” Kelly Ortberg, ”, Utkarsh, Shounak Dasgupta Organizations: Reuters, Boeing, Boeing Defense, Space & Security, BDS, Boeing Company, Boeing’s Defense, & $ Locations: Bengaluru

☆ 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

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%.

The move to strengthen industrial leadership comes after delays and cost overruns blighted a series of long-term projects for which Boeing is locked in to a fixed price. Chief Financial Officer Brian West said last month fixed-price defense contracts were being "knocked around" by supply chain problems, inflation and labor shortages. In 2006, incoming BCA chief Scott Carson appointed Jim Jamieson chief operating officer of the planemaking unit - a wide brief giving him effective oversight of jet manufacturing and development until his retirement about 18 months later. Those changes came just as Boeing was trying to juggle changes in manufacturing with the development of the Boeing 787, while still bearing the wounds of a 1997 production crisis. Airbus (AIR.PA) has long had a chief operating officer at its main planemaking arm, though in practice it is more than a divisional role as the defense and helicopter units slot in underneath.

Search resuls for: "Steve Parker"

4 mentions found