Boeing said on Friday that Ted Colbert, president and CEO of its defense, space and security unit will be leaving the company effective immediately.
The planemaker said Steve Parker, the unit’s chief operating officer, will take over Colbert’s responsibilities until a replacement is named at a later date.
Colbert’s departure comes at a time when Boeing has been trying to save cash by announcing furloughs amid a strike by more than 32,000 of its workers.
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. It posted an annual loss of $1.8 billion in 2023, down from 2022. 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.
(Reuters reporting by Utkarsh Shetti in Bengaluru; Reuters Editing by Shounak Dasgupta)
