The departure of the head of Boeing's defense, space and security subdivision, which posted heavy losses in the most recent quarter, is the first major change of top

The company said Theodore “Ted” Colbert III was removed immediately as president and CEO of Boeing Defense, Space & Security and replaced temporarily by the division's chief operating officer, Steve Parker. A search is underway for a permanent replacement.

Boeing Co. ousted the top executive for its defense and space division, in the first major shakeup by Kelly Ortberg since he took over as chief executive officer last month.

Boeing said on Friday the head of its troubled space and defense unit is leaving the company immediately, in the first management change under new CEO Kelly Ortberg. Ortberg who took over in August said Ted Colbert would be leaving and Steve Parker,

Boeing Co. said that Ted Colbert — its head of defense, space and security — would leave the company on Friday, as the beleaguered aviation giant’s new chief executive aims for big changes following a string of safety concerns and a deep slump in its financials.

Boeing's new CEO Kelly Ortberg said the company's defense unit chief Ted Colbert is leaving Boeing and that a replacement would be named later. The defense unit accounted for about 40% of Boeing's revenue in the first half of the year.

The head of Boeing’s defence business is leaving the company after years of losses from fixed-price contracts and a high-profile debacle with its space capsule that left two astronauts in space. Chief executive Kelly Ortberg said in a memo to employees on Friday that Ted Colbert,

Boeing said on Friday the head of the company's troubleddefense, space and security unit is leaving the planemaker effective immediately. New Boeing CEO Kelly Ortberg in his first significant move since taking over in August,