An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Spirit AeroSystems Names Fitzgerald, Shanahan to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Spirit AeroSystems has appointed William A. Fitzgerald and Patrick M. Shanahan to its Board of Directors effective November 12. Fitzgerald, a seasoned executive with extensive experience in commercial aviation, previously held roles at GE Aviation. Shanahan brings 31 years of experience from Boeing and served as former Deputy Secretary of Defense. Both appointees are expected to enhance the company's strategy in commercial, defense, and space markets.
Positive
Appointment of experienced leaders with aerospace backgrounds expected to strengthen Spirit's market strategy.
Fitzgerald's experience with airline aftermarket needs enhances operational insights.
Shanahan's defense experience may provide better access to military contracts.
Negative
Possible challenges in integrating new leadership into existing culture and operations.
WICHITA, Kan.--(BUSINESS WIRE)--
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) today announced that William A. Fitzgerald and Patrick M. Shanahan have been named to the company’s Board of Directors, effective November 12. Fitzgerald will serve on the Audit Committee and the Governance and Nominating Committee. Shanahan will serve on the Audit and Compensation Committees.
William A. Fitzgerald (Photo: Business Wire)
Both Fitzgerald and Shanahan have decades of executive leadership experience in the aerospace industry.
Fitzgerald joins Spirit’s Board with a broad understanding of commercial aviation, including extensive experience working with airlines around the world on their aftermarket requirements.
Fitzgerald retired in 2021 as Vice President and General Manager of Commercial Engine Operations for GE Aviation. He was responsible for all commercial jet engine products and global support. Other assignments for Fitzgerald at GE included Vice President and General Manager of the GEnx product line, which was the fastest selling jet engine in GE’s history and powered the Boeing 787 Dreamliner and 747-8 aircraft. Previously, he was Vice President and General Manager of Assembly, Test and Overhaul, working to bring manufacturing and services sites together into a single organization to share best practices and processes. Fitzgerald started his career at GE in 1983.
Fitzgerald earned a bachelor’s degree in mechanical engineering from Worcester Polytechnic Institute and a master’s degree in manufacturing engineering from Boston University.
Shanahan’s background spans both commercial and military programs following a 31-year career with Boeing, and as a former Deputy Secretary of Defense and Acting Secretary of Defense.
Shanahan was appointed in 2017 as the 33rd Deputy Secretary of Defense, the second-highest ranking civilian position at the Pentagon. He served as Acting Secretary of Defense from January 2019 to June 2019.
Shanahan retired from The Boeing Company in 2017 as Senior Vice President of Supply Chain & Operations and a member of the Boeing Executive Council. Shanahan served in Boeing’s defense business as Vice President and General Manager of Missile Defense Systems, and Vice President and General Manager of Rotorcraft Systems, with oversight of the Apache, Chinook and Osprey programs. In Boeing’s commercial business, Shanahan’s roles included Vice President and General Manager of the Boeing 787 Dreamliner program, and Senior Vice President of Airplane Programs. He started his Boeing career in 1986.
“Bill Fitzgerald and Pat Shanahan bring deep knowledge of the aerospace and defense markets that will benefit Spirit as we grow across our commercial, defense and space, and aftermarket segments,” said Spirit AeroSystems Board Chair Robert Johnson. “Bill and Pat have relationships and experience working with commercial, defense, and government customers that will enhance Spirit’s strategy to grow as a stronger, more diversified company. We are excited to have Bill and Pat join our Board.”
Spirit AeroSystems is one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company’s core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.
This press release contains "forward-looking statements" that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "could," "continue," "estimate," "expect," "goal," "forecast," "intend," "may," "might," "objective," "outlook," "plan," "predict," "project," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, without limitation, the impact of the COVID-19 pandemic on our business and operations; the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft; our reliance on Boeing for a significant portion of our revenues; our ability to execute our growth strategy, including our ability to complete and integrate acquisitions; our ability to accurately estimate and manage performance, cost, and revenue under our contracts; demand for our products and services and the effect of economic or geopolitical conditions in the industries and markets in which we operate in the U.S. and globally; our ability to manage our liquidity, borrow additional funds or refinance debt; and other factors disclosed in our filings with the Securities and Exchange Commission. These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Who are the new board members at Spirit AeroSystems?
The new board members are William A. Fitzgerald and Patrick M. Shanahan.
What experience do Fitzgerald and Shanahan bring to Spirit AeroSystems?
Fitzgerald has a background in commercial aviation from GE Aviation, while Shanahan has extensive experience from Boeing and has served in high-level defense positions.
When will the new board members take their positions?
William A. Fitzgerald and Patrick M. Shanahan will officially start on the Board of Directors on November 12.
What committees will Fitzgerald and Shanahan serve on?
Fitzgerald will serve on the Audit and Governance and Nominating Committees, while Shanahan will serve on the Audit and Compensation Committees.
How might the new board members impact Spirit AeroSystems' strategy?
Their extensive knowledge and relationships could enhance Spirit's approach in commercial, defense, space, and aftermarket segments.
