Executive Briefings

Airbus Announces Restructuring Plan to Close Profitability Gap With Boeing

Ten years ago this September Airbus's first A380 superjumbo, laden with passengers, took to the skies over Toulouse. Airbus's bosses said they hoped that the world's largest jetliner, the first with two full decks, would help the European planemaker get even with its American rival, Boeing. But problems quickly mounted.

In October 2006 Airbus revealed the third delay to the A380 programme. Development costs spiralled out of control, to $15bn; three chief executives lost their jobs in succession that year.

The trauma prompted a sweeping modernisation effort that went further in late September with a restructuring announcement by Tom Enders, Airbus Group's chief executive, who says his goal is to close the long-standing profitability gap with Boeing.

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In October 2006 Airbus revealed the third delay to the A380 programme. Development costs spiralled out of control, to $15bn; three chief executives lost their jobs in succession that year.

The trauma prompted a sweeping modernisation effort that went further in late September with a restructuring announcement by Tom Enders, Airbus Group's chief executive, who says his goal is to close the long-standing profitability gap with Boeing.

Read Full Article