Boeing named Stephen Parker, a 37-year company veteran, to the top defense and space job. Parker took over as interim CEO of Boeing Defense, Space and Security in September, after former defense chief Ted Colbert was ousted amid poor financial performance in the business unit. Boeing's defense division has been hampered by costly fixed-price government contracts, while its space sector faced scrutiny last year after its Starliner capsule was unable to bring two astronauts back from the International Space Station.
On 1 July 2025, Parker would move from the interim role to lead the company's defense and space division. Ortberg's decision to oust Colbert last year was the first major shake-up during his time as CEO. Ortberg took the company reins in August and Colbert, a 15-year Boeing veteran, left the company the following month.
That quarter, the defense and space division recorded a $2.4 billion operating loss. Boeing has started to see a turnaround since then as it renegotiates some government contracts and works to stabilize production across its business units. In the first quarter this year, Boeing's defense and space unit posted a $155 million operating profit.
Parker, who started at Boeing in 1988, was previously the chief operating officer for the defense and space business before being tapped for the interim CEO role. In his career at Boeing, he has worked on bombers and fighters and vertical lift, as well as a stint managing Boeing's Defence Australia.
