Boeing CEO Announces Defense Unit Leadership Change

Ted Colbert, head of Boeing's defense, space, and security division, is leaving the company effective immediately. This marks the first significant personnel change by new CEO Kelly Ortberg, who took over last month. Steve Parker, the division's COO, will temporarily lead the unit until a permanent replacement is found. Colbert's departure comes as Boeing faces financial struggles and operational issues, including budget overruns on defense contracts and problems with the Starliner spacecraft. Ortberg emphasized the need to restore customer trust and improve performance. Boeing's defense and space division has been a financial drag, losing $6 billion since 2022, and the company's stock has dropped over 39% since January.