Aluminium flight parts supplier Spirit AeroSystems names Patrick M. Shanahan the new President

Spirit AeroSystems Holdings, Inc. and its counterpart, Spirit AeroSystems, Inc., have appointed Patrick M. Shanahan as interim President and Chief Executive Officer, effective immediately. Spirit AeroSystems is an expert in creating bespoke aluminium components for the aviation sector.

Mr. Shanahan brings extensive experience from his 31-year tenure at The Boeing Company and his service as Deputy Secretary of Defence and Acting Secretary of Defence. The Company's Board will search for a new Chief Executive Officer while Mr. Shanahan takes the helm.

The Chair of the Board, Robert D. Johnson, commented: "Spirit plays a vital role in the aerospace industry and is well-positioned to fulfil the growing demand in this important market. Pat is a seasoned executive with nearly four decades of commercial and defence aerospace leadership and senior Department of Defence experience, and he has a valuable customer perspective. I am confident that his leadership will ensure a smooth transition for all of our stakeholders as we look to identify a new Chief Executive Officer."

Mr. Johnson went on to explain: "On behalf of the entire Board, I thank Tom for his contributions during the last seven years leading the Company through some of the most challenging times that the industry has faced. We wish him the best in his future endeavours."

Former President and Chief Executive Officer Thomas C. Gentile III has resigned from the Board and will serve as a consultant to the Company during the transition period. Additionally, the Company plans to release its third quarter 2023 financial results on Wednesday, November 1, 2023, at 6:30 a.m. Central Daylight Time (CDT).

Mr Shanahan spoke out: "I believe Spirit possesses the assets, know-how and talent to satisfy the extraordinary aviation demand and mitigate global supply chain challenges. I look forward to working closely with our stakeholders, the Board and the Spirit team to meet all of our customer commitments, build teamwork, stabilize operations and drive improved cash flow."

"It has been my honour to lead Spirit, strengthen its capabilities, and grow its global enterprise. With positive market trends and opportunities ahead, I am as confident as ever in the team's ability to effectively navigate a challenging macro environment and deliver on its commitments to our customers and shareholders," asserted Mr Gentile.

Mr Gentile will hold his position as a consultant for the company for the next three months until the seamless transfer of power is observed.

Joining Mr. Shanahan on a conference call presentation about third quarter 2023 results at 10 a.m. CDT is Spirit's Senior Vice President and Chief Financial Officer, Mark Suchinski. Mr. Shanahan has a wealth of experience in various roles at The Boeing Company, where he served for over three decades. He was also the 33rd Deputy Secretary of Defense, who played a key role in developing important policies and strategies for the Department of Defense.

Mr. Shanahan is an accomplished engineer and holds a bachelor's degree in mechanical engineering from the University of Washington, a master's degree in mechanical engineering from the Massachusetts Institute of Technology (MIT), and an MBA from the MIT Sloan School of Management.

He is also a member of several prestigious organizations, including the National Academy of Engineering, Royal Aeronautical Society, Society of Manufacturing Engineers, and American Institute of Aeronautics and Astronautics. Mr. Shanahan previously served as a regent at the University of Washington and currently sits on the boards of Leidos Holdings, Inc. and CAE Inc.

Spirit AeroSystems is a leading global manufacturer of aerostructures for commercial aeroplanes, defence platforms, and business/regional jets. Their specialization in aluminium and advanced composite manufacturing solutions allows them to create high-quality products such as fuselages, integrated wings and wing components, pylons, and nacelles. Furthermore, Spirit's expertise extends to serving the aftermarket for commercial, business or regional jets. Their headquarters are located in Wichita, Kansas, and they have facilities in the U.S., U.K., France, Malaysia and Morocco.