Boeing shares slipped on Monday as the planemaker grapples with an ongoing strike and a ballooning threat to its bottom line. Chief Financial Officer Brain West, in a letter to employees, outlined the risks facing the company while also announcing a hiring freeze as well as a delay in pay hikes for salaried workers. Read his memo to Boeing's rank and file below.
Importantly, we will protect all funding for safety, quality and direct customer support work. Actions include: In parallel to the steps above, we are planning to make significant reductions in supplier expenditures and will stop issuing the majority of supplier purchase orders on the 737, 767 and 777 programs. We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks.