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Airbus CEO tells staff Space losses ‘not acceptable’

via CNBC
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

Airbus CEO Guillaume Faury sent a candid memo to staff expressing disappointment in “unexpected charges” and “mishaps of magnitude” in the company’s Space business.

He said the issues, including a €300M charge on satellite programs in November, were “not acceptable” and represented an “internal crisis”.

Faury indicated the Space unit head Jean-Marc Nasr would be replaced in March.

Faury said, “Put simply, mishaps of this magnitude and suddenness are just not acceptable at Airbus”.

“We no longer ‘say what we do, and do what we say’. As a listed company and a global leader in aerospace and defence, this is something we simply cannot afford,” he explained.

Faury previously wrote to his employees, that “a high-performing Defence and Space division is a stronger Airbus than one without a Defence and Space business”.

While Defence and Space performed well in other areas, the space problems “tarnished the overall performance”.

Faury said a reorganization of the division would strengthen accountability and risk management.

However, some analysts question the competitiveness and future of Airbus’s space activities given challenges from SpaceX and new low-cost satellite providers.

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