Airbus parent EADS has launched an inquiry into the sudden disclosure of A380 delivery delays which melted its stock and pushed the aircraft maker into a "major crisis", its co-chairman was quoted yesterday as saying.
Frenchman Arnaud Lagardere said he would not look for any quick scapegoats, but fired a warning shot over the futures of Airbus chief Gustav Humbert and the co-chief executive of EADS, Noel Forgeard, who has apologised to investors over the affair.
"I don't want to over-react and force heads to roll just to please the markets," Lagardere told Le Monde in an interview published a day after EADS stock fell by 26 per cent.
"The question I am asking is whether the head of Airbus knew about the internal situation," Lagardere told the newspaper.
"Before punishing anyone, we are going to carry out a deep dive into the group to find out where the production problems are. We have already found some. There is no question of making someone at the bottom of the company pay the price."
The latest development will be a profound embarrassment in Paris, London, Berlin and Madrid where much political capital and funding has been invested in the pan-European aerospace project
The disclosure of further six-month delays due to wiring problems identical to ones identified last year shocked the industry after Airbus and EADS insisted the programme was on track in recent weeks. Airlines clamoured for compensation.
"We are facing a major crisis and I put myself in the position of shareholders and analysts who do not understand this new delay," Lagardere, whose family media group owns 7.5 per cent of EADS, told Le Monde.
Recriminations at senior level began even before EADS's "Black Wednesday" on the stock market was over, with Forgeard telling analysts Airbus would have to look at changes in its methods or else face stricter central controls.
Analysts say Forgeard is under just as much pressure over the €2 billion delays because of his close links with the A380 programme which he launched while running Airbus.
EADS also faces headaches over the mid-sized A350 plane he launched.
Asked in Le Monde whether Forgeard retained his confidence, Lagardere gave a guarded response.
"I am not in the habit of not showing solidarity with my teams, and this is a discussion that I will have with [ German co-chairman] Manfred Bischoff."
Forgeard's critics have always suspected him of wanting to run Airbus after leaving the EADS unit last year, so the claims that he knew nothing of the delays have raised some eyebrows.
Forgeard was propelled to the top of EADS, which owns 80 per cent of Airbus, following a power struggle last year.
Lagardere backed him over a French protégé late in the day, reportedly under pressure from Forgeard's mentor, French president Jacques Chirac whom he once served as an adviser.
In comments leaving no doubts about Lagardere's fury at the timing of the news - weeks after his media company and Germany's DaimlerChrysler reduced stakes in EADS - Lagardere accepted that EADS had lost sight of what is happening in its plants.
Lagardere said he had had no idea about the looming delays in Airbus before agreeing with the German car firm to sell a total of €4.2 billion in stock in April when EADS shares were above €34, compared with barely €20 now.
"If we had been dishonest, we wouldn't have sold 7.5 per cent of EADS but all of our [ 15 per cent] stake.
"I have a choice between appearing dishonest or incompetent because I don't know what is happening in the factories. I chose the latter."
BAE Systems of the UK, which is locked in negotiations to sell its 20 per cent stake in Airbus to EADS, reacted angrily to the timing of the announcement.
Under a put option activated by BAE last week, the companies have until tomorrow to agree a price.
