Embattled EADS Sacks CEOs, Shuffles Top-Level Reporting

EADS: Gallois & Enders(click to view full) After recent turmoil within EADS, the penny now dropped, and the company’s Board of Directors has announced the resignation of French co-CEO Noel Forgeard as EADS CEO, as a member of the EADS Board, and as Chairman of the Airbus Shareholder Committee. It also announced the resignation of Airbus’ German CEO Gustav Humbert as CEO and as a member of the EADS Executive Committee, effective immediately. These announcements come in the wake of trouble with the A380 super-jumbo program that led to a 25% plunge in EADS share price, and controversy over Foregard’s sale of EADS stock a month before the devastating announcement. EADS and Airbus have been mired in legal and political trouble ever since. The Board has appointed Louis Gallois as co-CEO with Enders, who already held the position. The 47 year-old Enders was also nominated as Chairman of the Airbus Shareholder Committee, subject to their confirmation. EADS has also made corresponding changes to its top-level reporting assignments. Tom Enders is a former Bundeswehr airborne officer, and held high ranking positions with DASA (now a part of EADS) before becoming head of EADS Defence and Security Systems Division in 2000. He […]