Spirit AeroSystems Holdings, Inc. [NYSE: SPR] today announced that Jane P. Chappell will join the company's Board of Directors, effective Feb. 26, 2024. She will serve on the Corporate Governance and Nominating Committee and the Risk Committee. Chappell has more than four decades of experience, 17 years at the executive level, providing operational and strategic leadership in the defense industry.
Spirit, in a regulatory filing, flagged the impact as part of its risk factors and provided a general warning that production levels for the 737 MAX or other aircraft programs could be reduced beyond current expectations. After a door plug blowout in mid-air, the U.S. Federal Aviation Administration last month took the unprecedented step of capping Boeing's 737 production at 38 planes per month, which is lower than the planemaker had previously advised suppliers. Spirit said in the filing that 45% of its revenue had come from the 737 program in 2023 and added changes in production schedules could impact its ability to comply with contractual obligations as well as its liquidity position and financial condition.
Spirit AeroSystems, Inc. announced today the grand opening of its Engineering Design Center in Subang, Malaysia, that expands the company's global engineering capabilities, during opening day of the 2024 Singapore Air Show.