Boeing Co said on Thursday that it will consolidate its struggling defense unit by cutting in half the number of divisions and the planemaker made a series of executive leadership changes.
The Boeing logo is displayed on a screen, at the New York Stock Exchange in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photosaid on Thursday that it will consolidate its struggling defense unit by cutting in half the number of divisions and the planemaker made a series of executive leadership changes.
Effective immediately, Boeing is slashing its defense unit from eight to four divisions, which include Vertical Lift, Mobility, Surveillance & Bombers, Air Dominance and Space, Intelligence & Weapon Systems, the company said. Boeing has also racked up $1.9 billion in losses on its 2018 $4 billion contract to build two new U.S. presidential airplanes that faced repeated setbacks and is at least three years behind schedule.
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