Boeing taps veteran insider Parker to lead its defense and space unit
Published by Global Banking and Finance Review
Posted on July 1, 2025
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on July 1, 2025
(Reuters) -Boeing on Tuesday named veteran insider Stephen Parker as the president and CEO of its defense and space unit, as part of a broad overhaul by CEO Kelly Ortberg to rebuild its reputation, boost production and stabilize finances.
Parker, who has been with the U.S. planemaker for 37 years, was already the interim head of the business unit since September after the exit of former chief Ted Colbert in the first major leadership shake-up under Ortberg.
The defense, space and security unit, one of Boeing's three core businesses, has racked up billions in losses, mainly due to cost overruns on fixed-price contracts, company executives have said.
Its space business has faced major setbacks, including NASA's decision last year to return the Starliner capsule without astronauts after years of delays and technical issues.
"Under Steve's leadership, our defense business has stabilized its operations, improved program execution and strengthened relationships with our customers," Ortberg said.
The company had on Monday also named former Lockheed Martin finance chief Jesus 'Jay' Malave as its new CFO, effective Aug. 15.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Arun Koyyur)