BAD BUSINESS DEAL

CEO: Boeing’s Air Force One Deal With Trump Was a Bad Idea

The company has suffered a loss of $660 million in its ongoing efforts to convert two 747 airliners into Air Force One aircrafts.

Boeing’s CEO blasted a deal made with former President Donald Trump to build two new Air Force One aircrafts, saying Wednesday that the company should have rejected it altogether. CEO Dave Calhoun revealed on Wednesday that the company has lost $660 million while working on converting two 747 airliners into Air Force One aircrafts. “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,” Calhoun said. “But we are where we are, and we’re going to deliver great airplanes.” In the deal—signed and negotiated by Boeing’s former president and CEO—the company agreed to a fixed-price contract, meaning that Boeing has assumed any cost overruns during the transformation of the two planes.