EADS announces resignation of Airbus CEO Streiff

Airbus parent company EADS today announced the resignation of the European plane maker’s chief executive, Christian Streiff, and named one of its own co-CEOs to replace him.

European Aeronautic Defence and Space Co. said in a statement that Streiff will be replaced by Louis Gallois.

He will combine the top job at Airbus with his current role as joint head of the Franco-German defence group.