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(Sharecast News) - Boeing announced the appointment of Stephen Parker as the new president and chief executive of its defence, space and security (BDS) unit on Tuesday, effective immediately.
Parker, a 37-year Boeing veteran, had served as interim head of the division since September 2024 and would now formally take the role, reporting directly to company president and CEO Kelly Ortberg.
"Under Steve's leadership, our defence business has stabilized its operations, improved program execution and strengthened relationships with our customers," Ortberg said.
"With proven experience in manufacturing and program management, combined with his focus on developing people and building a strong culture, Steve is a leader who exemplifies the best of Boeing."
Parker joined Boeing in 1988 and had held several senior roles across its defence business, including leading the bombers and fighters and vertical lift divisions, as well as managing Boeing Defence Australia, the company's largest subsidiary outside the United States.
As former chief operating officer of BDS, he oversaw key operational areas including quality, manufacturing, safety, supply chain and program management.
In his new role, Parker would oversee all aspects of the BDS unit, which provides technology, products and services for defence, government, space and intelligence customers worldwide.
He would also join Boeing's executive council.
The appointment came amid a broader executive reshuffle at Boeing.
Jesus 'Jay' Malave was stepping in as chief financial officer on 15 August, replacing Brian West, following a series of moves aimed at strengthening Boeing's leadership as it worked to stabilise its operations and finances.
Fitch Ratings recently revised Boeing's credit outlook from 'negative' to 'stable', affirming its 'BBB-' rating.
The revision reflected improving financial flexibility and production performance, supported by the $10.55bn sale of Jeppesen and stronger order books for the 737 and 787 programmes.
Analysts at Redburn-Atlantic had upgraded Boeing's stock to 'buy' on the back of the improvements.
Boeing had also brought in former Northrop Grumman executive Steve Sullivan to lead its troubled Air Force One programme, while regulators continued to await updates from Indian authorities investigating the recent Air India Boeing 787 crash.
At 0922 EDT (1422 BST), shares in the Boeing Company were down 0.47% in premarket trading in New York, at $208.53.
Reporting by Josh White for Sharecast.com.