Spirit AeroSystems Announces Executive Shakeup, Realignment For Enhanced Operations

Spirit Aerosystems Holdings, Inc.SPR revealed the departure of Sam Marnick, Executive Vice President and Chief Operating Officer, President, Commercial from the company.

"We are taking this opportunity to realign to enhance program execution and integration across operations," said Patrick Shanahan. The company recently appointed Shanahan as interim President and CEO.

Terry George will serve as interim Senior Vice President as part of this transition. George will lead site operations in Wichita, Kan., and Tulsa, Okla., including Fabrication, Operations Engineering, Tooling, and Facilities.

Program leaders who previously reported to Marnick will now report directly to Shanahan.

Earlier this month, the company reported third-quarter FY23 revenue growth of 13% year-over-year to $1.44 billion, missing the consensus of $1.462 billion. 

For FY23, the company sees cash used in operations of $(150) million-$(200) million and free cash flow to be a usage of $(275) million-$(325) million.

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Price Action:  SPR shares are trading higher by 0.84% to $26.39 on the last check Tuesday.