Airplane parts supplier Spirit AeroSystems (NYS: SPR) announced today that President and CEO Jeffrey L. Turner has decided to retire early next year. Spirit's board of directors will begin searching for a replacement immediately. Turner will remain in charge, and retain the titles of president and CEO, until a replacement is found.
A former Boeing subsidiary, Spirit AeroSystems is one of the largest non-original equipment manufacturers of major airplane parts in the world. It produces such major components as fuselages, pylons, nacelles, and wing components for airplanes such as Boeing's (NYS: BA) 787 Dreamliner and the Boeing 737, as well as for Boeing rival Airbus' A320, A350, and A380 airliners.
Spirit released third-quarter earnings earlier this month, reporting a $211 million operating loss, but guiding investors to expect a small net profit for full year 2012, followed by a more robust profit of $1.90 to $2.10 per share in 2013.
The article Spirit AeroSystems CEO to Step Down originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Spirit AeroSystems Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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