WICHITA, Kan., Jan. 30, 2020 /PRNewswire/ -- Spirit AeroSystems
[NYSE: SPR] today announced the appointment of Mark Suchinski as Senior Vice President and
Chief Financial Officer and Damon
Ward as Interim Controller and Principal Accounting Officer,
effective January 29, 2020. These
appointments follow the resignations of Jose Garcia, Senior Vice President and Chief
Financial Officer, and John Gilson,
Vice President, Controller and Principal Accounting Officer.
"We are pleased to have Mark stepping into the CFO role," said
Spirit AeroSystems President and CEO Tom
Gentile. "Mark is a long-tenured and respected leader at
Spirit, particularly within the finance team where he held a
variety of key roles from 2006 to 2018, including serving as
Controller and Principal Accounting Officer from 2014 to 2018. He
brings a comprehensive understanding of our business and has strong
relationships with both internal and external stakeholders. Mark is
supported by Spirit's talented finance organization and is
committed to our future success."
In December 2019, Spirit received
information through its established compliance processes that led
Spirit to commence a review of its accounting process compliance.
As a result of the review, which is ongoing, Spirit determined that
it did not comply with its established accounting processes related
to certain potential contingent liabilities that were received by
Spirit after the end of third quarter 2019. As of today, Spirit
believes this non-compliance will not result in a restatement of
Spirit's financial statements for the third quarter ended
September 26, 2019 or materially
impact the financial statements for the fiscal year ended
December 31, 2019. However, the
review is ongoing and no final conclusion has been made. In light
of these findings, Messrs. Garcia and Gilson tendered their
resignations. Spirit has communicated about this matter with the
Securities and Exchange Commission and anticipates fully
cooperating with any inquiries the Commission may have.
Spirit is taking steps to strengthen procedures relating to
contingent liabilities of this type to ensure they are processed
correctly in the future. Spirit expects to file its Form 10-K for
the 2019 fiscal year by the Securities and Exchange Commission's
deadline.
About Mr. Suchinski
Mr. Suchinski has served in
various financial leadership roles at Spirit since 2006.
Since 2019, Mr. Suchinski served as Spirit's Vice President,
Quality. Before that he was Vice President, Boeing 787 Program,
from 2018 to 2019. From 2014 to 2018, he was Spirit's Vice
President, Controller and Principal Accounting Officer, having
previously held numerous roles within Spirit's finance organization
including Vice President, Treasurer and Financial Planning; Vice
President, Finance and Treasurer; Vice President, Financial
Planning & Analysis and Corporate Contracts; and Controller,
Aerostructures Segment. Prior to joining Spirit, he was at Home
Products International, where he served as Vice President and Chief
Accounting Officer from 2004 to 2006, and Corporate Controller from
2000 to 2004. Prior to that, he held financial leadership positions
of controller and senior finance manager at other companies. He
also spent three years in public accounting. Mr. Suchinski received
his Bachelor of Science degree in Accounting from DePaul University.
On the web: www.spiritaero.com
On Twitter: @SpiritAero
About Spirit AeroSystems Inc.
Spirit
AeroSystems designs and builds aerostructures for both commercial
and defense customers. With headquarters in Wichita, Kansas, Spirit operates sites in
the U.S., U.K., France and
Malaysia. The company's core products include fuselages,
pylons, nacelles and wing components for the world's premier
aircraft. Spirit AeroSystems focuses
on affordable, innovative composite and aluminum
manufacturing solutions to support customers around the globe. More
information is available at www.SpiritAero.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" that may involve many risks and uncertainties.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "aim," "anticipate,"
"believe," "could," "continue," "estimate," "expect," "goal,"
"forecast," "intend," "may," "might," "objective," "outlook,"
"plan," "predict," "project," "should," "target," "will," "would,"
and other similar words, or phrases, or the negative thereof,
unless the context requires otherwise. These statements reflect
management's current views with respect to future events and are
subject to risks and uncertainties, both known and unknown. Our
actual results may vary materially from those anticipated in
forward-looking statements. We caution investors not to place undue
reliance on any forward-looking statements. Important factors that
could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be
considered in evaluating our outlook include, without limitation,
the timing and conditions surrounding the return to service of the
737 MAX and any related impacts on our production rate; our
reliance on Boeing for a significant portion of our revenues; our
ability to execute our growth strategy, including our ability to
timely complete and integrate our announced Asco and Bombardier
acquisitions; our ability to accurately estimate and manage
performance, cost, and revenue under our contracts; economic
conditions in the industries and markets in which we operate in the
U.S. and globally; our ability to manage our liquidity, borrow
additional funds or refinance debt; the on-going review of our
accounting processes and the potential effect on our financial
statements; and other factors disclosed in our filings with the
Securities and Exchange Commission. These factors are not
exhaustive and it is not possible for us to predict all factors
that could cause actual results to differ materially from those
reflected in our forward-looking statements. These factors speak
only as of the date hereof, and new factors may emerge or changes
to the foregoing factors may occur that could impact our business.
Except to the extent required by law, we undertake no obligation
to, and expressly disclaim any obligation to, publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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SOURCE Spirit AeroSystems