Source: EADS OKs Airbus CEO resignation

AP ^ | Oct. 6, 2006 | LAURENCE FROST

[Righty_McRight]

By LAURENCE FROST, AP Business Writer

PARIS - The two chief executives of EADS have agreed to accept the resignation of Airbus CEO Christian Streiff, a person close to the European planemaker said Friday.

An Airbus spokeswoman, however, denied that Streiff was leaving the company.

EADS co-CEOs Tom Enders and Louis Gallois have agreed that Streiff should leave the company, the person said, several days after Streiff threatened to resign amid a dispute over the transparency of financial and other reporting by Airbus to EADS. The person asked not to be identified because the discussions were confidential.

Airbus denied that Streiff is to quit the company and declined to comment on a report in German weekly WirtschaftsWoche that he had offered his resignation in a letter to Gallois.

"We deny categorically that Mr. Streiff is to leave Airbus," spokeswoman Ann de Crozals said.

Calls seeking comment were not returned by a spokeswoman for European Aeronautic Defence and Space Co. — which owns 80 percent of Airbus and has agreed to buy the remaining 20 percent from Britain's BAE Systems PLC.

Streiff's departure would deal a fresh blow to Airbus and its parent company as they struggle to limit the damage from a costly two-year delay to the flagship A380 superjumbo jet.

The 52-year-old former Saint-Gobain executive took over as Airbus CEO only three months ago, replacing Gustav Humbert — who was ousted along with EADS co-CEO Noel Forgeard because of the A380 production crisis.

[Righty_McRight]

Airbus to pay India's Kingfisher 22 mln dlrs for A380 delay

[LIConFem]

The SuperDumbo claims its first victim.

[Red6]

Nothing will change.

[July 4th]

The SuperDumbo claims its first victim.

It's already left a trail of bodies.

[LIConFem]

That's what I'm hopin'.

[Calvin Locke]

First? I thought they already dumped a person or three in favor of some railway exec?

Or are they now dumping the railway guy?

[lowbuck]

"European Aeronautic Defense and Space Co. — which owns 80 percent of Airbus and has agreed to buy the remaining 20 percent from Britain's BAE Systems PLC."

First, they did not agree, BAE used their "put" to force the sell.

As for the story that the CEO is being shown the door this is along the lines of what I have said earlier. The politicians are up to their necks in Airbus/EADS and will fight tooth and nail to any change.

[LIConFem]

Okay, so the SuperDumbo has claimed its latest in a long line of victims.

;o)

[razorback-bert]

Blood in the water, sharks circling.

[norton]

Yes

[thoughtomator]

I'm guessing that once this guy got a look at the ugly reality of that company, he wanted nothing to do with it.

[Erik Latranyi]

"Airbus' parent group, the European Aeronautic Defence and Space Company (EADS), also said this week that its flagship project, the A350, might be suspended."

It is also claiming other projects in the pipeline.

At least they might notice that the A350 is a dead duck compared to the 787.

[VaBthang4]

Have you been paying attention? This cat aint the first.

He was supposed to be Mr. Fix it...and it looks like the Bureaucrats that be are not liking it at all.

[CFC__VRWC]

He was supposed to be Mr. Fix it...and it looks like the Bureaucrats that be are not liking it at all.

They have the luxury of being able to shake down the EU serfs for billions and billions of more Euros to just piss away to keep their jobs and pensions and retirement villas intact. And the serfs will gladly fork it over and ask if they can give more, if their governments tell them to.

Such a sweet deal for EADS - why would they want to change anything?

[Yo-Yo]

The only smart move to be made by Airbus is to drop the A350XWB and concentrate on an all-composite replacement to the A320. Boeing is still selling 737s like hotcakes, and Airbus could corner that market if they are first with a composite replacement single isle aircraft.

If they don't, and insist on going ahead with the A350, then Boeing will launch a composite 737 replacement as their next project after the 787 is in production, and it will be over for Airbus for a very long time.

Airbus will lose money on the SuperDumbo A380, they will be 4 years behind Boeing with a composite wide body twinjet, and another 4 years behind Boeing with a composite single isle twinjet.

[finnigan2]

EADS - where the motto on the CEO's desk says, "The buck never stops."

[Tallguy]

He was supposed to be Mr. Fix it...and it looks like the Bureaucrats that be are not liking it at all.

I think its because "Mr. Fixit's" prescription calls for layoffs & moving the production (out of Europe). EADS is a technology company who's mission is to provide Europeans with jobs. When it stops doing that, heads roll.

[VaBthang4]

"EADS is a technology company who's mission is to provide Europeans with jobs."

If I am not mistaken EADS is a publicly owned company...therefore it's mission needs to be making the best profit possible...everything else should be subordinate.

My whacky Capitalist Dog thinking.

[Righty_McRight]

France owns 29.99%
Spain owns 5.48%
Daimler/Chrysler owns 22.49%
42.04% Public

http://www.eads.com/web/lang/en/1024/content/OF00000000400004/6/03/31000036.html

[Righty_McRight]

On the site go to Corporate Governance, then Sharehold Structure for the chart.