Boeing Defense Chief Ted Colbert Steps Down Amid Division Struggles, Interim Leadership Named

Boeing Co. announced that Ted Colbert, who led its defense and space division, is departing the company — marking the first major leadership change since Kelly Ortberg became CEO last month. Steve Parker, the defense unit’s chief operating officer, will temporarily take charge of the troubled division, the company stated.

Once a reliable financial performer, the defense division has recently faced challenges, including cost overruns on fixed-price contracts and negative press surrounding the Starliner space capsule, which NASA chose not to use for bringing two astronauts back from the International Space Station.

This leadership change comes shortly after Boeing’s Chief Financial Officer, Brian West, informed investors that the defense business would again negatively impact the company’s third-quarter earnings, similar to the nearly $1 billion operating loss reported in the previous quarter.