Boeing says aerospace industry veteran Robert 'Kelly' Ortberg will take over as their new chief executive next week, replacing David Calhoun. He is coming to Boeing at a tumultuous time.
Boeing named Robert "Kelly" Ortberg as its next CEO Wednesday while the company is posting a quarterly loss of more than $1.4 billion.
Boeing announced its new CEO as it reported a loss of more than $1.4 billion on falling revenue during the second quarter. The loss was wider and the company's revenue lower than Wall Street's dismal expectations, as both Boeing's commercial-airplanes business and defense unit lost money. Calhoun, who said he wasn't involved in the hiring decision, is expected to serve as a special adviser to Boeing's board of directors until next March. He suggested that Ortberg would support Boeing's current executives instead of bringing in his own team.
Ortberg emerged as a leading candidate only recently. Others who were reportedly considered for the job included Patrick Shanahan, a former Boeing executive and now CEO of its most important supplier, Spirit AeroSystems, and another longtime Boeing executive, Stephanie Pope, who recently took over the commercial airplanes division.
Ortberg, who has a background in both commercial and defense aerospace, "was probably on a relatively short list of people that are qualified to take on this challenge," Jeff Windau, an analyst for financial advising company Edward Jones, said. Boeing, based in Arlington, Virginia, is pushing back against whistleblower allegations of manufacturing shortcuts that crimp on safety. It is dealing with supply-chain problems that are hindering production, which it hopes to fix in part by re-acquiring Spirit AeroSystems, a key contractor. It faces a threatened strike this fall by its largest union, the International Association of Machinists.
Robert 'Kelly' Ortberg While Posting Quarterly Loss Of More Than $1.4 Bi 15128413
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