Spirit AeroSystems CEO to retire, search panel formed

Mon Nov 19, 2012 10:02am EST

Nov 19 (Reuters) - Aircraft parts supplier Spirit AeroSystems Holdings, which recorded big cost overruns on several plane programs that resulted in a third-quarter loss, said President and Chief Executive Jeff Turner will retire early next year.

In the company's statement on Monday, Turner said he was "looking forward to the next phase in my life." He said that he informed the board of his intent to retire to give enough time to find a successor and allow for the transition.

The company's board has formed a CEO search panel and will consider internal and external candidates, Spirit AeroSystems added.

Wichita, Kansas-based Spirit makes structures for wings, fuselages and other parts for Boeing Co, Airbus and other jet makers. Spirit, a former unit of Boeing, was acquired by Onex and renamed Spirit AeroSystems in 2005. It went public in 2006.

Turner has served as president and CEO of Spirit AeroSystems since June 2006. He joined Boeing in 1973 and was appointed vice president and general manager of Boeing's Wichita division in November 1995.

Earlier this month, Spirit AeroSystems reported a loss of $134 million for the third quarter due to cost overruns on several airplane programs. The company's late October profit warning raised new questions about its ability to supply big jet makers with parts they need and sent its shares plummeting 30 percent.

Spirit's shares gained 2.1 percent to $14.33 on Monday.

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