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Boeing announced on Friday that Ted Colbert, the President and CEO of its defense, space, and security unit, will be leaving the company with immediate effect. Steve Parker, the unit’s Chief Operating Officer, will temporarily assume Colbert’s duties until a replacement is appointed at a later date.

Colbert’s departure coincides with Boeing’s cost-saving measures, including the announcement of furloughs in response to a strike by over 32,000 workers. The company’s shares closed down approximately 1% on Friday and have experienced a 41% decline so far this year.

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