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Boeing CEO Plans to Lay off 10 Percent of Workers, Says Defense Unit’s Execution on Fixed Price Contracts ‘Not Where It Needs to Be’

Frank Wolfe Frank Wolfe
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Boeing CEO Plans to Lay off 10 Percent of Workers, Says Defense Unit’s Execution on Fixed Price Contracts ‘Not Where It Needs to Be’
A P-8A Poseidon maritime patrol and reconnaissance aircraft, attached to the “Screaming Eagles” of Patrol Squadron 1, sits on a runway in the U.S. 5th Fleet area of operations during exercise Sentinel Shield on July 26th last year (U.S. Navy Photo)

The performance of Boeing's [BA] defense, space & security (BDS) unit on fixed price contracts needs to improve, Boeing CEO Robert "Kelly" Ortberg wrote in a Friday employee message released by the company. "In BDS, our performance on fixed-price development programs is simply not where it needs to be," Ortberg wrote. "We expect substantial new losses in BDS this quarter, driven by the work stoppage on commercial derivatives, continued program challenges and our decision to complete production on the 767…

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