🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Spirit AeroSystems names Patrick Shanahan as interim CEO following Tom Gentile's resignation

EditorAmbhini Aishwarya
Published 10/03/2023, 06:04 PM
© Reuters.
SPR
-

Spirit AeroSystems Holdings (NYSE:SPR) announced on Monday that its CEO, Tom Gentile, has stepped down from his role and resigned from the board. The Wichita, Kansas-based aerostructure manufacturer stated that Patrick Shanahan, a member of the board of directors and former deputy secretary of the Department of Defense, has been appointed as the company’s interim president and CEO.

Shanahan, who joined Spirit in November 2021, brings nearly four decades of experience in defense, aerospace, and business consulting to his new role. His career includes 31 years at Boeing (NYSE:NYSE:BA), where he served in various capacities including senior vice president of supply chain and operations. From 2017 to 2019, he was appointed deputy secretary of defense. During his tenure at the Department of Defense, Shanahan oversaw the establishment of the National Defense Strategy and the agency’s cyber strategy. He also led the development of DOD’s missile defense, cyber and nuclear posture reviews.

In addition to these accomplishments, Shanahan launched the Joint Artificial Intelligence Center and finalized DOD’s AI Strategy. Commenting on his appointment at Spirit AeroSystems, Shanahan said he looks forward to working closely with stakeholders, the Board, and the Spirit team to meet customer commitments, build teamwork, stabilize operations, and improve cash flow.

Meanwhile, Gentile will continue to work with Spirit AeroSystems as a consultant for a three-month transition period. Since taking over as president and CEO in 2016, Gentile has led Spirit through major disruptions including pandemic lockdowns. This year alone, the company navigated a labor strike and repaired defects in fuselages for Boeing's 737 Max jet.

However, these challenges have taken a toll on Spirit's stock which has declined about 46% this year. As the company transitions under new leadership, the board of directors is actively searching for a permanent CEO.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.