Spirit AeroSystems Appoints Patrick Shanahan as Interim President and CEO

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) and its subsidiary, Spirit AeroSystems, Inc., announced that Patrick M. Shanahan, a member of the Company’s Board of Directors, has been appointed as the interim President and Chief Executive Officer, effective immediately. Mr. Shanahan takes over the role previously held by Thomas C. Gentile III, who has resigned as President and Chief Executive Officer and as a member of the Board, with his resignation effective as of September 30, 2023. The Company’s Board has initiated a search to identify a new Chief Executive Officer.

Robert D. Johnson, Chair of the Board, emphasized Spirit’s essential role in the aerospace industry and its readiness to meet the growing demand. He highlighted Patrick Shanahan’s extensive experience, spanning nearly four decades in commercial and defense aerospace leadership, including senior Department of Defense roles. Mr. Johnson expressed confidence in Mr. Shanahan’s ability to lead the organization through a smooth transition while the search for a new CEO takes place. He also expressed gratitude to Thomas Gentile for his contributions over the past seven years, particularly during challenging times for the industry.

Patrick M. Shanahan’s career includes both commercial and military programs, with a notable 31-year tenure at The Boeing Company. He also served as the Deputy Secretary of Defense and Acting Secretary of Defense, playing a key role in developing Department of Defense policies and strategies. Mr. Shanahan has been a member of the Spirit AeroSystems Board since November 2021.

Patrick M. Shanahan’s extensive background includes his service as the 33rd Deputy Secretary of Defense and several high-level positions at The Boeing Company. He is also associated with prestigious engineering and aerospace organizations. Currently, he serves on the boards of Leidos Holdings, Inc. and CAE Inc. Mr. Shanahan holds degrees in mechanical engineering from the University of Washington and the Massachusetts Institute of Technology (MIT) and an MBA from the MIT Sloan School of Management.

Mr. Shanahan expressed confidence in Spirit’s capabilities, resources, and talent to meet the surging demand in aviation and address global supply chain challenges. He emphasized his commitment to working closely with stakeholders, the Board, and the Spirit team to fulfill customer commitments, enhance teamwork, stabilize operations, and improve cash flow.

Thomas C. Gentile III expressed his honor in leading Spirit and his confidence in the team’s ability to navigate a challenging macro environment while delivering on commitments to customers and shareholders. He will serve as a consultant to the Company for three months to ensure a smooth transition.

The Company also announced that it will release its third-quarter 2023 financial results on Wednesday, November 1, 2023, at 6:30 a.m. Central Daylight Time (CDT). Mr. Shanahan and Mark Suchinski, Spirit’s Senior Vice President and Chief Financial Officer, will present the results in a conference call at 10 a.m. CDT. The presentation will be available online, including a question-and-answer session, and the results will be detailed in a news release.

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