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Tag: Spirit AeroSystems

  • Spirit Aero CEO Shanahan to get $28.5 million ‘golden parachute’

    Spirit Aero CEO Shanahan to get $28.5 million ‘golden parachute’

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    (Reuters) – Spirit AeroSystems CEO Patrick Shanahan will receive a payout of $28.5 million after the 737 MAX fuselage supplier completes its merger with Boeing, according to a regulatory filing on Monday.

    Shanahan will get a cash payment of $2.3 million, converted Spirit restricted stock units worth $26.1 million and perquisites and benefits worth $45,000 as part of a package known as a “golden parachute”.

    Such payments are commonplace in corporate America and are intended to incentivize management to sell a company, even if it means ending their own employment.

    Boeing agreed in July to buy back Spirit AeroSystems for $4.7 billion in stock and Airbus moved to take on the supplier’s loss-making Europe-focused activities. It was a transatlantic break-up of the world’s largest standalone aerostructures company.

    Shanahan had been seen as a frontrunner to take over the reins at Boeing, which is now headed by former aerospace executive Kelly Ortberg.

    Boeing chair Steven Mollenkopf asked Shanahan in May if he would be interested in being considered as a candidate for the role of Boeing’s president and chief executive officer, the filing showed.

    Shanahan responded that he would not rule out being in the running for the role, according to the filing.

    (Reporting By Allison Lampert in Montreal and Abhijith Ganapavaram in Bengaluru; Editing by Pooja Desai)

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  • FAA audit finds Boeing 737 production issues: NYT

    FAA audit finds Boeing 737 production issues: NYT

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    STORY: Boeing’s 737 MAX production process has dozens of issues with quality control.

    That’s according to the New York Times….

    reporting on Monday on an audit from the Federal Aviation Administration.

    The checks came after a door panel blew off an Alaska Airlines plane mid-flight in January.

    The paper said the aerospace giant failed 33 out of 89 product tests for the MAX…

    … including checks on the component that blew off the jet, known as a door plug.

    Meanwhile, the report said supplier Spirit AeroSystems, which makes the fuselage for the MAX, passed just six out of 13 audits.

    It failed checks including one that involved a cargo door…

    … and another on the installation of cockpit windows.

    Concerns were also raised about technicians who carried out the door plug work…

    … the report said there was a failure “to determine the knowledge necessary for the operation of its processes”.

    The FAA, Boeing and Spirit AeroSystems did not reply to Reuters’ request for comment.

    Now the audit comes as Boeing scrambles to explain and strengthen safety procedures…

    … after the FAA temporarily grounded MAX 9 jets due to the January incident…

    That same event is subject to investigations by the Justice Department and National Transportation Safety Board.

    Earlier on Monday, U.S. Transportation Secretary Pete Buttigieg said he expects Boeing to comply with the federal probes.

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  • Boeing Stock Drops. This Nagging Problem Is Growing.

    Boeing Stock Drops. This Nagging Problem Is Growing.

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    A persistent 737 MAX problem for is growing, which sent the stock lower in early trading Friday.

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  • Boeing Faces New 737 MAX Test After Deliveries Halted. The Stock Is Falling.

    Boeing Faces New 737 MAX Test After Deliveries Halted. The Stock Is Falling.

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    It isn’t what investors want to hear.



    Boeing


    (ticker: BA) has run into a new problem with its 737 MAX jet. The issue will test investors nerves in coming weeks, and raise more questions about the company’s ability to increase production in 2023.

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