Boeing CEO regrets losing $660M on Trump’s Air Force One deal
14:23, 28/04/2022, Thursday
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US former President Donald Trump
Chief executive officer says Boeing 'probably shouldn't have taken' deal
The Boeing CEO has said he regrets the company losing $660 million on the Air Force One deal with former President Donald Trump.
"Air Force One I'm just going to call a very unique moment, a very unique negotiation, a very unique set of risks that Boeing probably shouldn't have taken," President and CEO David L. Calhoun said in an earnings call after the release of the company's financial results on Wednesday.
"But we are where we are, and we're going to deliver great airplanes and we're going to recognize the cost associated with it," he added.
In 2018, Trump and the US-based multinational aerospace manufacturer Boeing, with under then CEO Dennis Muilenburg, agreed on a $3.9 billion deal for two presidential aircrafts, referred to as the VC-25B program by the company.
"The VC-25B program recorded a $660 million charge primarily driven by higher supplier costs, higher cost to finalize technical requirements and schedule delays," CFO and Executive Vice President Brian J. West said in the earnings call.
The aircrafts are scheduled to be delivered in 2024 and 2025.