Airplane parts supplier Spirit AeroSystems (NYSE:SPR) announced today that President and CEO Jeffrey L. Turner has decided to retire early next year. Spirit's board of directors will begin searching for a replacement immediately. Turner will remain in charge, and retain the titles of president and CEO, until a replacement is found.
A former Boeing subsidiary, Spirit AeroSystems is one of the largest non-original equipment manufacturers of major airplane parts in the world. It produces such major components as fuselages, pylons, nacelles, and wing components for airplanes such as Boeing's (NYSE:BA) 787 Dreamliner and the Boeing 737, as well as for Boeing rival Airbus' A320, A350, and A380 airliners.
Spirit released third-quarter earnings earlier this month, reporting a $211 million operating loss, but guiding investors to expect a small net profit for full year 2012, followed by a more robust profit of $1.90 to $2.10 per share in 2013.