It might have been sometime during the Q&A session with analysts during the Q2 earnings call on August 2 that in hindsight was a defining moment for Spirit AeroSystems CEO Tom Gentile. It seemed that his remarks and explanations seemed irrelevant to analysts, who were grilling him for Spirit’s continued losses and unfavorable contracts with Boeing and Airbus. Two months later, and Spirit announced on October 2 that Gentile had been replaced by Patrick Shanahan as interim CEO.
While stock quotes are not the determining factor of how a CEO performs, it seems no coincidence that those of Spirit AeroSystems have taken a serious hit since the Q2 earnings call. From $31.44 on August 1 to $22.86 on August 2, when 21 million shares were traded. The stock was down to $14.84 on September 21. The announcement of Gentile’s departure had only a very modest effect, with Spirit closing at $16.84 on October 2.
Active as a journalist since 1987, with a background in newspapers, magazines, and a regional news station, Richard has been covering commercial aviation on a freelance basis since late 2016.
Richard is contributing to AirInsight since December 2018. He also writes for Airliner World, Aviation News, Piloot & Vliegtuig, and Luchtvaartnieuws Magazine. Twitter: @rschuur_aero.
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