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WICHITA, Kan. - Spirit AeroSystems Holdings, Inc. (NYSE: SPR), currently trading at $33.94 with a market capitalization of $3.98 billion, announced today that John L. Plueger will leave his position on the company’s Board of Directors after a decade of service. Plueger, who is the CEO of Air Lease Corporation, will not seek re-election and his departure will be effective at Spirit’s annual stockholders meeting on May 23, 2025.
Plueger’s decision to step down is attributed to his increased responsibilities at Air Lease Corporation, particularly after the retirement of its executive chairman Steven Udvar-Házy. Reflecting on his tenure, Plueger expressed his appreciation for the opportunity to work with Spirit, emphasizing the importance of the board’s role in shareholder decisions, especially over the last year.
Robert D. Johnson, Chairman of Spirit AeroSystems, commended Plueger for his significant contributions, highlighting his aerospace expertise and leadership as pivotal during challenging periods for the company. Johnson specifically noted Plueger’s role in securing a transformative merger agreement with Boeing.
Spirit AeroSystems, headquartered in Wichita, Kansas, is recognized as one of the leading manufacturers of aerostructures for the aerospace industry. The company’s product line includes fuselages, wings, pylons, and nacelles, utilizing both aluminum and advanced composite materials. Spirit operates facilities not only in the United States but also in the United Kingdom, France, Malaysia, and Morocco.
This announcement is based on a press release statement from Spirit AeroSystems.
In other recent news, Spirit Airlines has seen its Long-Term Issuer Default Rating upgraded by Fitch Ratings from ’D’ to ’CCC+’. This upgrade comes as the company continues its turnaround strategy, although it still faces challenges such as high leverage and ongoing cash burn. Spirit Airlines’ reorganization in bankruptcy has reduced its debt by $1.1 billion, yet it still holds substantial debt, with Fitch projecting high leverage through 2026. The company’s liquidity is expected to remain sufficient in the near term, but pressure might arise if projected profit improvements do not occur. Spirit Airlines plans to reduce capacity by 13% in 2025, a move seen as necessary to improve profitability.
Meanwhile, Spirit AeroSystems stockholders have approved a merger with Boeing’s subsidiary, Sphere Acquisition Corp., with the merger anticipated to be completed in mid-2025. This merger will result in Spirit AeroSystems becoming a wholly owned subsidiary of Boeing, pending regulatory approvals and other conditions. In related developments, Spirit AeroSystems has amended its repayment terms with Boeing, outlining a revised schedule for repaying $605 million in outstanding advances. Under the new terms, Spirit AeroSystems will repay $425 million in six installments starting in April 2026 and $180 million in four installments between October 2026 and December 2027. These financial adjustments offer a clearer pathway for Spirit AeroSystems as it continues its partnership with Boeing.
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