Boeing Appoints Kelly Ortberg as New CEO Effective August 8 Amid $1.4 Billion Q2 Loss

Jul 31, 2024, 01:25 PM

Boeing has appointed Robert K. 'Kelly' Ortberg as its new President and CEO, effective August 8, 2024. Ortberg, a veteran of the aerospace industry, previously served as President of Rockwell Collins and CEO of Collins Aerospace. He replaces Dave Calhoun, who has faced criticism over the company's safety and manufacturing issues. The announcement comes as Boeing reports a wider-than-expected Q2 loss of $1.4 billion, with revenue falling to $16.9 billion, missing estimates. The company's EPS was -$2.90, and it reported negative free cash flow. Boeing continues to struggle with production challenges and plans to boost 737 production to 38 per month by year-end. The company's total backlog at the end of the quarter stands at $516 billion, with a market cap of $115.01 billion.