- Company establishes business divisions to focus on key growth
markets – Commercial, Defense & Space, and Aftermarket
- Segment reporting for financial results will reflect the three
new divisions beginning with the 2021 fiscal year-end results
As part of its continuing efforts to diversify its business,
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit” or the
“Company”) announced a new organizational structure to focus on
growth in the key markets it serves. Spirit will organize around
three primary business divisions: Commercial, Defense & Space,
and Aftermarket. Beginning with the 2021 fiscal year-end results,
Spirit will report financial results based on these three external
reporting segments.
Leadership changes effective October 1, 2021 to support Spirit’s
new organization structure include:
- Sam Marnick will lead the Commercial Division as President. She
will also continue to serve as Executive Vice President and Chief
Operating Officer for Spirit.
- Duane Hawkins will continue to lead the Defense & Space
Division and is appointed Executive Vice President of Spirit;
President, Defense & Space Division.
- Kailash Krishnaswamy is named Senior Vice President of the
Aftermarket Division.
- Justin Welner is named Senior Vice President, Chief
Administration Officer & Chief Compliance Officer of
Spirit.
- Marnick, Hawkins, Krishnaswamy and Welner will report directly
to Spirit President and Chief Executive Officer, Tom Gentile. They
will all serve on Spirit’s Executive Leadership Team (ELT).
- Other members who will continue to serve on Spirit’s ELT are
Bill Brown, Senior Vice President Boeing Programs, reporting to Sam
Marnick; Scott McLarty, Senior Vice President Airbus and
Business/Regional Jet Programs, reporting to Sam Marnick; Terry
George, Senior Vice President 737 Program & Operations and
Advanced Manufacturing Strategy, reporting to Bill Brown; Mark
Suchinski, Senior Vice President and Chief Executive Officer; Kevin
Matthies, Senior Vice President and Chief Technology and Quality
Officer; and Mindy McPheeters, Senior Vice President, General
Counsel and Corporate Secretary. Suchinski, Matthies and McPheeters
report directly to Gentile.
“Despite the challenges of the past two years, Spirit has
maintained momentum on our strategy to diversify and grow,
positioning us to emerge stronger as the aviation industry
recovers,” said Tom Gentile, Spirit AeroSystems President and Chief
Executive Officer. “We believe these organizational changes will
enable Spirit to serve our customers better across the Commercial,
Defense & Space, and Aftermarket divisions, and accelerate
growth for Spirit.”
Spirit has previously expressed a vision of achieving a 40-40-20
percent split for future revenue across the Commercial, Defense
& Space, and Aftermarket divisions respectively. Spirit’s new
structure and leadership team will help drive strategic plans
across those three divisions to continue diversifying the Company’s
customer base, de-levering the Company’s balance sheet, and driving
greater margins.
Marnick, as Executive Vice President and Chief Operating Officer
of Spirit; President of the Commercial Division, will oversee
Spirit’s global commercial aviation operations, including its
programs with Airbus and Boeing, business and regional jets, and
emerging markets such as eVtol. In addition, she will have
leadership of Spirit’s supply chain, fabrication, tooling, and
facilities organizations.
Hawkins will continue leading the Defense & Space Division
as Executive Vice President of Spirit; President of Defense &
Space, with a focus on continuing to grow Spirit’s presence in that
market. Earlier this year Spirit added the name “Space” in the
business division’s name to reflect the Company’s growing
capabilities to serve those customers.
Krishnaswamy, as Senior Vice President of the Aftermarket
Division, will lead Spirit’s aftermarket business, which has
doubled in the past year following the acquisition of the former
Bombardier maintenance, repair and overhaul operations. Spirit
announced further expansion of its aftermarket business in April
with the acquisition of assets from Applied Aerodynamics and the
signing of a joint venture agreement with Evergreen Aviation
Technologies Corporation.
Welner, as Chief Administration Officer & Chief Compliance
Officer, will oversee a number of functional areas for Spirit,
including human resources, corporate affairs, information
technology, EHS, sustainability, compliance, and risk
management.
About Spirit AeroSystems
Spirit AeroSystems is one of the world’s largest manufacturers
of aerostructures for commercial airplanes, defense platforms, and
business/regional jets. With expertise in aluminum and advanced
composite manufacturing solutions, the Company’s core products
include fuselages, integrated wings and wing components, pylons and
nacelles. In addition, Spirit leverages decades of design and
manufacturing expertise to serve as an innovative and reliable
supplier of military aerostructures and specialty high-temperature
materials. Spirit also serves the aftermarket for commercial and
business/regional jets. Headquartered in Wichita, Kansas, Spirit
has facilities in the U.S., U.K., France, Malaysia and Morocco.
More information is available at www.spiritaero.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "aim," "anticipate," "believe,"
"could," "continue," "estimate," "expect," "goal," "forecast,"
"intend," "may," "might," "objective," "outlook," "plan,"
"predict," "project," "should," "target," “vision,” "will,"
"would," and other similar words, or phrases, or the negative
thereof, unless the context requires otherwise. These statements
reflect management's current views with respect to future events
and are subject to risks and uncertainties, both known and unknown.
Our actual results may vary materially from those anticipated in
forward-looking statements. We caution investors not to place undue
reliance on any forward-looking statements. Important factors that
could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be
considered in evaluating our outlook include, without limitation,
the impact of the COVID-19 pandemic on our business and operations;
the timing and conditions surrounding the full worldwide return to
service (including receiving the remaining regulatory approvals) of
the B737 MAX, future demand for the aircraft, and any residual
impacts of the B737 MAX grounding on production rates for the
aircraft; our reliance on Boeing for a significant portion of our
revenues; our ability to execute our growth strategy, including our
ability to complete and integrate acquisitions; our ability to
accurately estimate and manage performance, cost, and revenue under
our contracts; demand for our products and services and the effect
of economic or geopolitical conditions in the industries and
markets in which we operate in the U.S. and globally; our ability
to manage our liquidity, borrow additional funds or refinance debt;
and other factors disclosed in our filings with the Securities and
Exchange Commission. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of the date
hereof, and new factors may emerge or changes to the foregoing
factors may occur that could impact our business. Except to the
extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210930005466/en/
Media: Molly Edwards (316) 523-2479
molly.e.edwards@spiritaero.com
Investor Relations: Ryan Avey or Aaron Hunt (316) 523-7040
investorrelations@spiritaero.com
On the web: http:/ /www.spiritaero.com
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