Spirit AeroSystems Holdings (NYSE:SPR) announced on Monday that its CEO, Tom Gentile, has stepped down from his role and resigned from the board. The Wichita, Kansas-based aerostructure manufacturer stated that Patrick Shanahan, a member of the board of directors and former deputy secretary of the Department of Defense, has been appointed as the company’s interim president and CEO.
Shanahan, who joined Spirit in November 2021, brings nearly four decades of experience in defense, aerospace, and business consulting to his new role. His career includes 31 years at Boeing (NYSE:NYSE:BA), where he served in various capacities including senior vice president of supply chain and operations. From 2017 to 2019, he was appointed deputy secretary of defense. During his tenure at the Department of Defense, Shanahan oversaw the establishment of the National Defense Strategy and the agency’s cyber strategy. He also led the development of DOD’s missile defense, cyber and nuclear posture reviews.
In addition to these accomplishments, Shanahan launched the Joint Artificial Intelligence Center and finalized DOD’s AI Strategy. Commenting on his appointment at Spirit AeroSystems, Shanahan said he looks forward to working closely with stakeholders, the Board, and the Spirit team to meet customer commitments, build teamwork, stabilize operations, and improve cash flow.
Meanwhile, Gentile will continue to work with Spirit AeroSystems as a consultant for a three-month transition period. Since taking over as president and CEO in 2016, Gentile has led Spirit through major disruptions including pandemic lockdowns. This year alone, the company navigated a labor strike and repaired defects in fuselages for Boeing's 737 Max jet.
However, these challenges have taken a toll on Spirit's stock which has declined about 46% this year. As the company transitions under new leadership, the board of directors is actively searching for a permanent CEO.
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