Boeing Shifts Gears: A New Leader for Troubled Defense Unit

Boeing's defense and space business has been facing a series of setbacks and financial woes, prompting the company to replace its head, Theodore "Ted" Colbert III. Colbert, who spent 15 years at Boeing, had been leading the division since 2019. His temporary replacement is Steve Parker, the chief operating officer of the division. The move comes at a critical time for Boeing, as the company is struggling to meet its commitments to the Pentagon and NASA. In a memo announcing Colbert's departure, Boeing's new CEO, Kelly Ortberg, emphasized the importance of restoring trust with customers and improving performance. Boeing is trying to fix its unprofitable contracts, including new Air Force One planes and refueling tankers for the Air Force.The defense and space division has lost $6 billion since the start of 2022, a significant blow to the company's bottom line. The division's struggles are partly due to its Starliner space capsule, which has experienced problems with thrusters on its first crewed mission to the international space station. NASA has decided that it's too risky for two astronauts to fly home in the capsule, so they will stay in space until February and ride back to Earth on a SpaceX capsule. Despite the challenges, Boeing is committed to improving its performance and meeting the high standards expected of it. The company is working to address the issues plaguing its defense and space business and is confident that it can deliver on its commitments.