BREAKING NEWS

BREAKING NEWS

Another EADS boss quits

Now Reading:

Another EADS boss quits

Text size Aa Aa

Another senior executive with aerospace firm EADS is quitting. Jean-Paul Gut is the chief operating officer for marketing, strategy and global development and a member of the board.

He said he is resigning because he has not been able to agree with EADS’ chief executives over the way the company should be run – specifically the integration of marketing, sales and strategy.

The announcement that he is leaving came just before the Paris Air Show, one of the biggest events in the European aviation calendar.

It is the latest in a series of high level departures from EADS which is wrestling with restructuring and delivery delays at its plane making subsidiary Airbus.

The crisis centred mostly on the A380 double-decker superjumbo and led to a massive fall in profits. Last year they dropped by 94% to just 99 million euros for the entire group, compared with 1.76 billion euros in 2005.

The A380’s problems caused the company’s shares to fall dramatically and led to the departure of former co-chief executive Noel Forgeard, with an 8.5 million euro payoff, which prompted calls in France for an ban on such golden parachutes.

Jean-Paul Gut said he will receive a pay-off of just 2.8 million euros, reflecting his 24 years service with EADS.