National Employee Morale Day was celebrated at Boeing Co. (NYSE: BA) yesterday as the company reassigned a number of executives. Buried in the press release about the plans were a number of cost-cutting moves that included layoffs:

The affordability efforts continue, because additional cost reductions are needed, and are supported by reductions in executive ranks and overhead costs. By the end of 2012, Boeing Defense, Space Security expects to have 30 percent fewer executive positions than in 2010.

Perhaps because of union agreements, Boeing cannot lay off large numbers of its rank-and-file. Boeing’s recent moves have not helped its share price, which has fallen from almost $75 less than three weeks ago to just about $70 yesterday. These moves include the launch of its Dreamliner in the United States through customer United Continental Holdings Inc. (NYSE: UAL).

Shares of Boeing are down fractionally in premarket trading to $69.78, in a 52-week range of $62.12 to $77.83.

Douglas A. McIntyre

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