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☆ We plan to monetize every aircraft delivery, says Southwest CEO Bob Jordan
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe plan to monetize every aircraft delivery, says Southwest CEO Bob JordanSouthwest CEO Bob Jordan joins 'Closing Bell Overtime' and CNBC's Phil LeBeau to talk its three-year plan, battling with activist investors, recent troubles at Boeing and more.

Persons: Bob Jordan, Phil LeBeau Organizations: Boeing

☆ NTSB issues ‘urgent’ safety warning for some Boeing 737s, including MAX, in latest blow to struggling planemaker
▼ + stars: | 2024-09-26 | by ( Pete Muntean | ) edition.cnn.com time to read: +3 min

CNN —The National Transportation Safety Board is issuing “urgent safety recommendations” for some Boeing 737s—including the embattled 737 MAX line— warning that critical flight controls could jam. The independent investigative agency is issuing the warning that an actuator attached to the rudder on some 737 NG and 737 MAX airplanes could fail. The warning is the latest black eye for Boeing. The NTSB is recommending that Boeing come up with an alternative solution and warn pilots about the issue. That scrutiny grew after a door plug blew off a 737 Max operated by Alaska Airlines shortly after takeoff on January 5.

Persons: “, ’, ”, Max, CNN’s Chris Isidore Organizations: CNN, Transportation Safety, Boeing, NTSB, United Airlines, FAA, Alaska Airlines, Federal Aviation Administration, US Justice Department Locations: Newark

☆ Harris and Trump want to make stuff in America again. That’s really hard to do
▼ + stars: | 2024-09-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

And it’ll be tough for either Vice President Kamala Harris or former President Donald Trump to turn that around if elected, no matter their grandiose campaign promises. Put together, such investments have resulted in a sharp pick-up in construction spending by manufacturers, according to government data. Manufacturing’s main pain points are sluggish demand and elevated interest rates, according to recent manufacturing surveys by the Institute for Supply Management and S&P Global. And, of course, there are issues specific to certain sectors of the manufacturing industry. It could get better, but it’s not clear whenIt’s not all doom and gloom for the manufacturing industry.

Persons: Joe Biden, Kamala Harris, Donald Trump, Biden, haven’t, hasn’t, Harris, ” Harris, Trump, ” Chris Williamson, ” Timothy Fiore, There’s, ” Lauren Goodwin, ” Organizations: Washington CNN, Act, Congress, Private, Manufacturers, Labor Department, Institute for Supply Management, P, P Global Market Intelligence, ISM’s Manufacturing, Survey, P Global, Boeing, Federal, New York Life Investments Locations: America, Pittsburgh, Savannah, China, Pennsylvania, Korea, North Carolina, Germany, Georgia

☆ FAA chief says Boeing and SpaceX should be treated the same after Elon Musk accuses regulator of playing favorites
▼ + stars: | 2024-09-25 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

FAA administrator Mike Whitaker said Boeing and SpaceX should be treated equally after Elon Musk attacked the regulator for fining his rocket company "for trivia" and said it should focus on Boeing's Starliner issues instead. In a post on X last week, Musk railed against the FAA's proposed $633,000 fine for SpaceX over two instances where the rocket company violated its launch licenses. Advertisement"NASA deemed the Boeing capsule unsafe for astronaut return, turning, out of necessity, to SpaceX, yet instead of fining Boeing for putting astronauts at risk, the FAA is fining SpaceX for trivia," the billionaire SpaceX founder wrote. SpaceX is also engaged in a war of words with the aviation regulator over delays to the next launch of Starship, the giant rocket Musk wants to use to travel to Mars. The FAA and SpaceX did not immediately respond to requests for comment sent outside normal working hours.

Persons: —, Elon Musk's, Mike Whitaker, Elon Musk, Whitaker, Musk, Butch Wilmore, Sunita Williams, Starliner Organizations: Service, Federal Aviation Administration, Boeing, SpaceX, FAA, Business, Reuters, NASA Locations: Texas

☆ Southwest is making big route changes as it prepares to reveal new details of its turnaround plan
▼ + stars: | 2024-09-25 | by ( Taylor Rains | ) www.businessinsider.com time to read: +3 min

The budget airline plans to cut some 340 pilots and flight attendants from its busy Atlanta base, CNBC first reported Wednesday. Southwest was the second-largest operator in Atlanta behind Delta Air Lines, leaving customers will fewer choices out of the world's busiest airport. The airline also left four airports in August as part of a cost-cutting and restructuring plan, including Bellingham International Airport in Washington state, Mexico's Cozumel International Airport, Houston's George Bush Intercontinental Airport, and Syracuse Hancock International Airport in New York. AdvertisementDespite its shrinking network, Southwest is boosting flights where it has an edge. Further changes are likely to be announced at an investor day on Thursday, which will lay out Southwest's future as we know it.

Persons: —, Houston's George, Elliott Organizations: Service, CNBC, Business, Bloomberg, Delta Air Lines, Chicago O'Hare, Bellingham International Airport, Houston's George Bush Intercontinental Airport, Syracuse Hancock International Locations: Atlanta, Chicago, Southwest, Bellingham, Washington, Cozumel, New York, Nashville, Hawaii

☆ U.S. Senate committee faults Boeing safety practices, FAA oversight
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +3 min

Boeing CEO Dave Calhoun testifies before a subcommittee of the Senate Energy and National Resources Committee on the company's safety culture, following a number of recent incidents on Boeing airplanes, Washington, DC, June 18, 2024. A U.S. Senate panel investigating Boeing 's safety culture on Wednesday faulted the planemaker's quality practices and oversight by the Federal Aviation Administration citing documents obtained in an ongoing investigation. The Senate Permanent Subcommittee on Investigations, which is holding a hearing Wednesday with FAA Administrator Mike Whitaker, said Boeing workers continue to feel pressure to prioritize speed of production over quality. Boeing said it has "taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus." The FAA did not comment but Whitaker said at a House hearing Tuesday that Boeing needed to undertake significant safety culture improvements that might not be completed for years.

Persons: Dave Calhoun, Mike Whitaker, Whitaker, Whitaker's Organizations: Senate Energy, National Resources Committee, Boeing, U.S, Senate, Federal Aviation Administration, Investigations, Democratic, FAA, Alaska Airlines, Justice Department, DOJ Locations: Washington, DC

☆ Etihad reveals $7 billion investment plan over five years, will retrofit old Boeing jets
▼ + stars: | 2024-09-25 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +1 min

Etihad Airways on Wednesday revealed a $7 billion investment plan over the next five years in a bid to "double the size of the airline until 2030." Speaking to CNBC's Dan Murphy, Etihad's Group Chief Executive Officer Antonoaldo Neves revealed passengers should expect "a totally different airline" within the next two to three years. Much of the $7 billion will go into revamping its existing fleet of planes, as well as the purchase of new aircraft further down the line, he said. But Neves is aiming for the skies, with the hope of having up to 170 planes by the end of the decade. Neves said Etihad will begin retrofitting and revamping "dated" Boeing 777 planes from 2026 onward, this is due to what he described as "the constraints that we have in the global aviation market."

Persons: CNBC's Dan Murphy, Antonoaldo Neves, Abu, Neves Organizations: Etihad Airways, Etihad's, Etihad, Boeing, United Arab Locations: Abu Dhabi, Europe, Southeast Asia, United Arab Emirates

☆ 2 passengers were injured when United Airlines pilots responded to an inflight collision warning
▼ + stars: | 2024-09-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Read previewThe FAA has opened an investigation after two passengers were injured when a United Airlines plane responded to an alert from a midair collision system. AdvertisementThe FAA said in a statement that the flight responded to an onboard alert about another aircraft in the vicinity. The Traffic Alert and Collision Avoidance System (TCAS) helps prevent midair collisions by monitoring the surrounding airspace and alerting pilots about nearby aircraft. The system sounds an alarm in the cockpit, and the pilots notify the air traffic controller that they are responding to a TCAS alarm, Kevin Karpé, a former air traffic controller and air traffic manager, previously told Business Insider. However, last year, concerns rose about a spike in the number of collision close calls taking place in the US.

Persons: —, Kevin Karpé, Karpé, it's Organizations: Service, FAA, United Airlines, San Francisco International Airport, Business, Boeing, The New York Times, The Times Locations: Newark

☆ Another unforced error by Boeing is souring the new boss’ good vibes
▼ + stars: | 2024-09-25 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Less than two months into his tenure as CEO, Ortberg has largely understood the assignment. See here: We’re nearly two weeks into a strike by Boeing’s largest labor union. Initially, Ortberg seemed to have buy-in from labor leaders, who publicly acknowledged that the new boss was walking into a conflict that predated him by 16 years. All of that gave the new boss, who spent his first day at work touring a factory floor, a kind of pro-labor halo. “This tactic is a blatant show of disrespect” to union members and the bargaining process, the International Association of Machinists wrote Monday.

Persons: CNN Business ’, Kelly Ortberg, Ortberg, ’, ”, International Association of Machinists, “, “ We’ve, Wheaton, ” Wheaton, ’ …, ” It’s, it’s, ” Ortberg, It’s, Richard Aboulafia, ” Aboulafia, what’s, …, CNN’s Chris Isidore Organizations: CNN Business, New York CNN, Boeing, machinists, International Association of, Cornell University’s School of Industrial and Labor Relations Locations: New York, what’s

☆ Boeing 737 Max: FAA says workers pressured to put speed over quality
▼ + stars: | 2024-09-25 | by ( Pete Muntean | ) edition.cnn.com time to read: +3 min

Washington CNN —Boeing factory workers felt pressured to prioritize production speed over quality and said they did not receive enough training to properly perform their jobs, according to the results of a special investigation by the Federal Aviation Administration (FAA) published Wednesday. In January, a door plug blew off a 737 Max operated by Alaska Airlines shortly after takeoff. One of the more egregious examples, according to the audit, was a Boeing mechanic who used an improvised measuring device to check gaps between components. But there is still much work to be done on fixing Boeing’s safety culture, he said. “I think the safety culture change is going to be a long-term project,” Whitaker said.

Persons: Max, Mike Whitaker, ”, Whitaker, “, ” Whitaker Organizations: Washington CNN — Boeing, Federal Aviation Administration, Alaska Airlines, Boeing, Senate, Investigations, FAA, CNN, House Locations: Renton, Washington

☆ FAA boss: Boeing still must make ‘significant changes’ to improve quality and safety
▼ + stars: | 2024-09-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing still has to make “significant changes” to improve the quality and safety of its airplanes, according to the head of the Federal Aviation Administration. “There must be a shift in the company’s safety culture to holistically address its systemic quality assurance and production issues,” he will say, according to his remarks. The incident sparked numerous federal investigations into Boeing, and numerous congressional hearings that raised questions about its quality and safety of its planes. Whitaker is set to say that Boeing must make “significant changes” to address “systemic production quality issues.” And his remarks also promise that the FAA will be more active in oversight of both Boeing and its primary supplier, Spirit AeroSystems, which Boeing is in the process of purchasing. “We have added more safety inspectors in the Boeing and Spirit AeroSystems facilities, and we will maintain our increased on-site presence for the foreseeable future,” he will say, according to his remarks.

Persons: Michael Whitaker, Max, ”, “, Whitaker’s, Whitaker, Joe Buccino Organizations: New, New York CNN, Boeing, Federal Aviation Administration, Alaska Airlines, FAA, Reuters, CNN Locations: New York, Alaska

☆ Boeing still has a long way to go to convince striking workers
▼ + stars: | 2024-09-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Boeing and unionized workers remain at an impasse after 10 days of striking. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter 10 days on strike, Boeing and unionized workers remain at loggerheads with few signs of a prompt resolution. Some 32,000 Boeing employees are members of the International Association of Machinists and Aerospace Workers (IAM) and have been on strike since September 13.

Persons: — Organizations: Boeing, IAM, Service, International Association of Machinists, Aerospace Workers, Business

☆ Boeing just put out its 'final and best' offer to striking workers: a 30% wage hike and a $6,000 bonus
▼ + stars: | 2024-09-24 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Boeing is offering a 30% wage hike to its employees in a new proposal. Workers started striking on September 13 after rejecting a wage increase offer. AdvertisementOn Monday, Boeing brought another offer to the table and increased its wage proposal for the 32,000 employees who went on strike on September 13. In the new proposal, the planemaker is offering a 30% wage increase over four years, an increase from the previous 25% hike. In its previous proposal, Boeing offered workers a $3,000 bonus if they signed the contract.

Persons: — Organizations: Boeing, Workers, Service, Friday, Business

☆ Confused about the potential Qualcomm-Intel deal? Here's why it matters even if it doesn't happen.
▼ + stars: | 2024-09-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

In today's big story, why you should care about a potential Intel-Qualcomm deal , even if it might not work. Getting all that varied experience has proved particularly beneficial for TSMC in the age of cutting-edge mobile and AI chips. The US needs Intel to keep (and get better at) manufacturing chips. The problem with that is that this manufacturing business would have almost no customers, and would fall even further behind TSMC. Experts seem incredibly skeptical about a Qualcomm deal going through.

Persons: —, Jamie Dimon, Moneyball, Rupert Murdoch's, Chelsea Jia Feng, I'm, it's, Palantir alums, Jamie Dimon Tom Williams, he's, Goldman Sachs, Chelsea JIa Feng, ChatGPT, Vinod Khosla, Chris Gash, Lachlan Murdoch, Murdoch, Lachlan's, Caroline Ellison, Biden, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Milan Sehmbi, Amanda Yen Organizations: Service, Intel, Qualcomm, Business, Tech, Getty, TSMC, Inc, JPMorgan, Bank of America, Big Tech, Web Services, Employees, Bloomberg Global Business Forum, FAA, OPEC, Oil Locations: Taiwan, China, San Francisco, Nevada, New York, London

☆ I went inside the secret room where pilots sleep on long-haul flights. It was the best seat on the plane.
▼ + stars: | 2024-09-24 | by ( Monica Humphries | ) www.businessinsider.com time to read: +1 min

Pilots take shifts on long-haul flights. I toured the secret room stationed above business class on an Air New Zealand Boeing 777-300ER. Go to newsletter preferences Thanks for signing up! That's why pilots take shifts on long-haul flights. When pilots aren't in the cockpit, they're resting in secret rooms on board the aircraft.

Persons: they're, — Organizations: Air New Zealand Boeing, Service, Zealand Locations: Auckland , New Zealand, Los Angeles

☆ CNBC Daily Open: Fedspeak reassures markets
▼ + stars: | 2024-09-24 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain momentumU.S. markets rose Monday, with the S&P 500 and Dow Jones Industrial Average notching fresh closing highs. Asia-Pacific stocks mostly climbed Tuesday, with the Chinese and Hong Kong markets popping over 3% on Beijing's announcement of policy easing measures. PBOC policy easingThe People's Bank of China Governor Pan Gongsheng on Tuesday announced a cut to banks' reserve requirement ratio.

Persons: Neel Kashkari, The Beverly Hilton, Pan Gongsheng Organizations: Federal Reserve Bank of Minneapolis, The Beverly, CNBC, Dow Jones, People's Bank of China, Boeing, Tech, Big Tech, Companies, Nomura Locations: Beverly Hills , California, U.S, Asia, Pacific, Hong Kong, China, Beijing

☆ Boeing sweetens offer to union as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +2 min

The new offer raised pay, reinstated annual bonuses and increased a bonus that would be given upon the contract’s ratification, among other changes, Boeing said on its website. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company’s 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn’t immediately comment on the offer. Both Boeing and the union said they were disappointed with negotiations last week. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn’t, group’s, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ Boeing is raising its offer to end the strike
▼ + stars: | 2024-09-23 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing said Monday it has raised its offer to the International Association of Machinists union to end the strike by 33,000 union members that has now entered its 11th day. “We heard your feedback,” said a statement from Boeing to union members on its website. But it did not restore the traditional pension plan that union members lost 10 years ago in a previous labor agreement. An IAM spokesperson said the union did not have an immediate comment on the new offer. In a decision that took place just before the strike began, 95% of union members voted against the previous tentative labor agreement.

Persons: “, ”, “ We’ve Organizations: New, New York CNN, Boeing, International Association of, IAM, Union Locations: New York, West Coast, South Carolina

☆ Boeing sweetens labor proposal in 'best and final' offer as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing on Monday sweetened its contract offer and said it was its "best and final" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week. Boeing's new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn't immediately comment on the offer. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn't, group's, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ Three Buys and a Bail: Nike, Boeing, Starbucks, and 3M
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree Buys and a Bail: Nike, Boeing, Starbucks, and 3MTim Seymour, Seymour Asset Management founder and CIO, joins 'The Exchange' to discuss these stocks: Nike, Boeing, Starbucks, 3M.

Persons: Tim Seymour Organizations: Nike, Boeing, Starbucks, Seymour Asset Management

☆ Boeing union members are angry they lost their pension plan. They’re not likely to get it back
▼ + stars: | 2024-09-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

Now unions are pushing back, demanding the return of traditional pension plans their members lost in past concession deals. First, a traditional pension plan that pays retirees, or their survivors, a fixed amount of money every month until they die, known as a defined benefit plan. Far less than 1% have only a traditional pension plan. The loss of the traditional pension plan at Boeing 10 years ago is one of the issues driving the strike this year. But the deck is stacked against that kind of reopening of a pension plan at Boeing, even with “pension or bust” signs on the current picket lines.

Persons: International Association of Machinists, Jon Holden, haven’t, Stellantis, John Lawler, Craig Copeland, Lindsey Wasson, unamimously, “, ”, Brian Bryant, Bryant, “ They’re, they’ve, Copeland, they’ll Organizations: New, New York CNN, Boeing, Employers, International Association of, IAM, United Auto Workers, General Motors, Ford, UAW, ”, Research, CNN, Pension, Guaranty Corp, Federal Deposit Insurance Corp, IBM, “ Locations: New York

☆ Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes'
▼ + stars: | 2024-09-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +7 min

Matt Mills Mcknight | ReutersRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long. Boeing 737 Max planes sit at the airport in Renton, Washington. Boeing Machinists union members count votes to accept or reject a proposed contract between Boeing and union leaders and whether or not to strike if the contract is rejected, at the Aerospace Machinists Union Hall in Seattle, Washington, on September 12, 2024. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.

Persons: Matt Mills Mcknight, Cash, Boeing machinists, Boeing hasn't, Kelly Ortberg, Leslie Josephs, Louis, Jake Meyer, Meyer, Ron Epstein, Jason Redmond, today's, Ortberg, Biden, Pete Buttigieg, CNBC's Organizations: Boeing, Reuters, CNBC, Max, state's, Financial Management, Federal Reserve Bank of St, Bank of America, Aerospace Machinists, Hall, AFP, Getty, International Association of Machinists, Aerospace Workers, Workers Locations: Renton , Washington , U.S, Reuters RENTON, Wash, Seattle, Pacific Northwest, Renton , Washington, Renton, machinists, Washington, South Carolina, Seattle , Washington, Pacific, Oregon

☆ Tiny lizard ‘scuba dives’ and hides out from predators
▼ + stars: | 2024-09-21 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

Reptiles are astonishingly diverse, with extraordinary adaptations such as a tiny lizard in Costa Rica that has evolved a way to “scuba dive,” according to new research. Fantastic creaturesUsing the air bubble helps the anole to stay underwater longer, and the technique may help the tiny lizard hide from predators, researchers say. This ability allows the lizard to stay underwater for a prolonged period of time. Across the universeAn artist's concept depicts NASA's Voyager 1 spacecraft entering interstellar space, or the space between stars. Along the way, Voyager 1 found a thin ring around Jupiter and two new Jovian moons as well as five new moons orbiting Saturn.

Persons: Lindsey Swierk, Kaspar Hauser, ”, Hauser, Butch Wilmore, Suni Williams, Vincent van Gogh, ” Timothy A, Clary, Vincent van Gogh’s, It’s, King Ramses II, — Helga, Zohar, Artemis, Ashley Strickland, Katie Hunt Organizations: CNN, NASA, JPL, Caltech, NASA’s, International, Getty, Orion, Artemis, CNN Space, Science Locations: Costa Rica, Costa Rica’s, Nuremberg, Germany, Bristol, England, AFP, China, France, Egypt

☆ 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 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

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