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Spirit AeroSystems Holdings, Inc. (SPR) Announces Resignation of Two Top Executives
On January 30, 2020, Spirit issued a press release announcing the resignation of the Company’s Chief Financial Officer and Principal Accounting Officer. The executive changes came after an internal accounting probe revealed that the Company wasn’t complying with established accounting processes related to certain potential contingent liabilities received after the end of third quarter 2019. The Company has already been experiencing pressure after Boeing suspended production of the MAX following two fatal crashes, with the grounded MAX accounting for half of Spirit’s sales and profits. As a result of these issues, the Company has pushed back the planned purchase of Asco and is investigating whether noncompliance would materially impact its year-end financial statements. On this news, the Company’s share price fell $2.56, or nearly 4%, to close at $65.08.