Boeing Defense, Space and Security CEO Departs #

The president and CEO of Boeing’s defense, space and security unit is leaving the company effective immediately. The unit’s chief operating officer will temporarily take over responsibilities until a replacement is named at a later date.

In a statement, Boeing’s president and CEO thanked the departing executive for 15 years of service and emphasized the priority of restoring customer trust and meeting high standards to enable critical missions worldwide.

This leadership change comes as Boeing faces financial challenges, including recent furlough announcements amid a large worker strike.

The Defense, Space & Security unit reported significant losses in the most recent quarter, with a $913 million loss compared to a $527 million loss in the same period last year. The unit posted an annual loss of $1.8 billion in 2023, down from 2022 but still exceeding losses in Boeing’s commercial aircraft division.

Boeing’s stock closed down about 1% on the day of the announcement and has declined approximately 41% year-to-date.