Airbus flies into new era with change of CEO

Paris: Frenchman Guillaume Faury (Pictured) takes over as CEO of European aerospace giant Airbus, looking to benefit from the current troubles of rival Boeing and limit potential disruption from Brexit and Donald Trump’s trade threats.
The 51-year-old will replace Tom Enders, who is stepping down after five years leading the France-based group whose 129,000 employees manufacture airliners, helicopters and satellites.
Enders oversaw further expansion of the group, but his rein was clouded by a recent decision to scrap the loss-making A380 super-jumbo range of Airbus planes as well as multiple probes into suspect payments.
The German’s retirement package — worth 37 million euros ($41 million) including pension and stocks — has sparked controversy in France and a pledge from the government that it will legislate to limit huge corporate payoffs.
Faury will inherit a financially sound, highly profitable business with an order book of 7,350 passenger planes, which would be enough to keep factories running for a decade at current production rates. Analysts see Airbus as having an opportunity to profit from the booming airline market, particularly in Asia, and from the global grounding of Boeing’s 737 MAX plane after two recent deadly crashes involving the popular new airliner. — AFP