Colbert has been with the company since 2009 and served in his most recent role since 2022. During his time in charge, the defense, space, and security division has lost approximately $6 billion while facing a number of issues.

One of those issues was building a malfunctioning Starliner capsule for NASA, which carried astronauts to the International Space Station. The capsule experienced problems with thrusters and was deemed unsafe for astronauts’ return to Earth.

With Colbert out, Boeing Space and Defense chief operating officer Steve Parker will take over as the head of the unit. The company is believed to be already looking for an executive to fill out the role on a permanent basis.

“At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world. Working together, we can and will improve our performance and ensure we deliver on our commitments,” Ortberg wrote in an email sent out to staff.

Boeing is currently facing another crisis after more than 32,000 of its workers went on strike due to failure to agree to a new collective deal. The company is engaged in negotiations with the union, but the talks are not expected to end on a positive note anytime soon.

The post Boeing’s Chief of Defense, Space, and Security Leaves the Company appeared first on theprimarymarket.com.

“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 confirmed in a message to Boeing employees.

Despite such cost pressures, Boeing ramped up production of its narrowbody jets in an effort to maximize sales revenue, selling 112 jets in the third quarter compared to 85 jets during the same period in 2021. Such sales efforts resulted in the generation of a free cash flow of $2.9 billion in the quarter.

Although faced with the $2.8 billion hit, Boeing still projects that it will finish the year with a positive cash flow.

The post Boeing Announces $2.8 Billion Hit in Defence Business appeared first on theprimarymarket.com.

The company and the union held bargaining talks over the weekend, prompting Boing to make an improved offer. The workers are now set to vote on whether to accept the offer or reject it, with the voting scheduled for Wednesday.

“This new offer builds on our previous strong, highly competitive one and directly addresses the issues raised by our employees,” said Boeing in a statement. “We are hopeful they will vote yes on Wednesday.”

Most improvements are related to 401(k). The workers will now have the option to get a lump sum payment of $8,000 or have it deposited to the 401(k) plan.

While Boeing probably feels good about avoiding strikes for now, this doesn’t mean that they are in the clear. The workers could go against the recommendation of the union leadership and reject the contract offer, causing further headaches for the company.

Despite the potential risks ahead, investors continued to like Boeing shares. The company’s stock saw a 4.5% jump on Monday and is currently trading at $166.51 per share. This marks its highest price since late April.

The post Boeing Manages to Avoid Strike at 3 St. Louis Defense Locations appeared first on theprimarymarket.com.

Colbert has been with the company since 2009 and served in his most recent role since 2022. During his time in charge, the defense, space, and security division has lost approximately $6 billion while facing a number of issues.

One of those issues was building a malfunctioning Starliner capsule for NASA, which carried astronauts to the International Space Station. The capsule experienced problems with thrusters and was deemed unsafe for astronauts’ return to Earth.

With Colbert out, Boeing Space and Defense chief operating officer Steve Parker will take over as the head of the unit. The company is believed to be already looking for an executive to fill out the role on a permanent basis.

“At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world. Working together, we can and will improve our performance and ensure we deliver on our commitments,” Ortberg wrote in an email sent out to staff.

Boeing is currently facing another crisis after more than 32,000 of its workers went on strike due to failure to agree to a new collective deal. The company is engaged in negotiations with the union, but the talks are not expected to end on a positive note anytime soon.

The post Boeing’s Chief of Defense, Space, and Security Leaves the Company appeared first on theprimarymarket.com.

“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 confirmed in a message to Boeing employees.

Despite such cost pressures, Boeing ramped up production of its narrowbody jets in an effort to maximize sales revenue, selling 112 jets in the third quarter compared to 85 jets during the same period in 2021. Such sales efforts resulted in the generation of a free cash flow of $2.9 billion in the quarter.

Although faced with the $2.8 billion hit, Boeing still projects that it will finish the year with a positive cash flow.

The post Boeing Announces $2.8 Billion Hit in Defence Business appeared first on theprimarymarket.com.

The company and the union held bargaining talks over the weekend, prompting Boing to make an improved offer. The workers are now set to vote on whether to accept the offer or reject it, with the voting scheduled for Wednesday.

“This new offer builds on our previous strong, highly competitive one and directly addresses the issues raised by our employees,” said Boeing in a statement. “We are hopeful they will vote yes on Wednesday.”

Most improvements are related to 401(k). The workers will now have the option to get a lump sum payment of $8,000 or have it deposited to the 401(k) plan.

While Boeing probably feels good about avoiding strikes for now, this doesn’t mean that they are in the clear. The workers could go against the recommendation of the union leadership and reject the contract offer, causing further headaches for the company.

Despite the potential risks ahead, investors continued to like Boeing shares. The company’s stock saw a 4.5% jump on Monday and is currently trading at $166.51 per share. This marks its highest price since late April.

The post Boeing Manages to Avoid Strike at 3 St. Louis Defense Locations appeared first on theprimarymarket.com.