Airbus CEO tells staff Space losses ‘not acceptable’

Paris: The head of Europe’s Airbus has told staff that recent unexpected charges in its Space business are “not acceptable”, in a candid assessment of a business facing what he described as an internal crisis, people familiar with the matter said.

In November, Airbus took a 300-million-euro ($320 million)charge on unidentified satellite programmes, said by industry sources to include the commercial telecoms OneSat family.

CEO Guillaume Faury told staff in a January review of 2023 that Defence and Space “performed strongly in many areas, but faced a major setback in the Space business which tarnished the overall performance”, according to extracts seen by Reuters.