Spirit AeroSystems starts search for new CEO

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Following a disappointing third quarter result, Spirit AeroSystems will begin searching for a new chief executive for the first time in 17 years.

Jeff Turner has decided to step down after a serving since 2005 as the chief executive of Spirit AeroSystems. He previously was ranked since 1995 as vice president and general manager of Boeing's Wichita Division, which was divested in 2005 to form Spirit AeroSystems.

"I am proud of the great company we have formed, the growth we have achieved since 2005 and the solid opportunities for the future," Turner says.

Spirit AeroSystems' board members Robert Johnson, Tawfiq Popatia, Francis Raborn, Paul Fulchino and Ronald Kadish will lead the search for Turner's replacement.

Turner's decision comes less than a month after Spirit AeroSystems announced a $590 million write-down on four aerospace programmes. The write-down was caused by delays and cost overruns on new projects mainly involving wings and wing components for several new aircraft, including the Boeing 787.

Spirit AeroSystems' core business - assembling fuselages and aerostructures for commercial aircraft, such as the 737 - was largely unaffected by the write-downs.

Turner will remain in office as president and chief executive while Spirit AeroSystems searchs for a replacement.

"The board of directors looks forward to working with Jeff as we select a new CEO and begin a comprehensive succession," says Johnson, chairman of the Board.