Boeing (BA, Financials) appointed Stephen Parker as CEO of its defense and space unit, formalizing a role he held on an interim basis since September. The move comes as part of CEO Kelly Ortberg's efforts to stabilize operations and repair the division's financial performance.
Parker, a 37-year Boeing veteran, replaces Ted Colbert and inherits a business hit by contract overruns and space program setbacks. Ortberg said Parker has helped improve execution and customer ties.
The appointment follows Boeing's decision to name former Lockheed Martin (LMT, Financials) executive Jay Malave as CFO, effective Aug. 15.
