Boeing announced on Friday that Ted Colbert, the president and CEO of its defense, space, and security unit, will be departing from the company with immediate effect. Steve Parker, the unit's chief operating officer, will assume Colbert's responsibilities on an interim basis until a successor is appointed.
The decision was communicated by Kelly Ortberg, Boeing's president and CEO, who expressed gratitude for Colbert's 15 years of service at the company. Ortberg emphasized the importance of restoring customer trust and meeting high performance standards to support critical missions globally.
Colbert's exit coincides with Boeing's efforts to reduce costs, including implementing furloughs due to a strike involving over 32,000 workers. In the last quarter, Boeing's Defense, Space & Security unit reported a loss of $913 million, a significant increase from the $527 million loss in the same period the previous year. The unit recorded an annual loss of $1.8 billion in 2023, surpassing the losses incurred by the commercial aircraft division during the same periods.
Following the announcement, Boeing's shares experienced a 1% decline in value on Friday, contributing to an overall decrease of approximately 41% since the beginning of the year.
