- New CEO will have to rebuild trust, reputation
- Company posts another quarterly loss as it burns cash
- Defense and space business adds to Q2 losses
July 31 (Reuters) - Boeing on Wednesday named aerospace industry veteran Kelly Ortberg as its new President and CEO after a months-long search, tasking the former Rockwell Collins executive with the monumental job of turning around the struggling planemaker.
Ortberg, 64, will start on Aug. 8 and face a multitude of issues, including reviving jet production and rebuilding trust with regulators, the industry and the flying public. Shares rose 2.9% before the bell.
Boeing, one of two global planemakers, has been mired in a reputational and safety crisis after a Jan. 5 mid-air panel blowout on an Alaska Airlines-operated MAX 9 jet carrying 171 passengers. It posted a $1.4 billion loss in the second quarter as it continues to burn cash.
They could try not cutting corners on safety, shocking I know.
What’s shocking is your complete lack of empathy for the poor C-Suite execs that might not be able to afford their second yacht if they did that. Did you even consider how it would barely impact them?
Every time the poors don’t empathize with the rich, an angel gets it’s wings.
And a C-level exec his golden parachute
I’m in tears right now. Really, that’s so sad. Those poor little fellows.
A mechanical engineer, Ortberg has put more than 30 years in aerospace and defense, including numerous executive roles.
Cautiously optimistic that Boeing will get back to the engineering quality standard it was once known for, now having an actual engineer back at the helm.
He might have a BS in mechanical engineering, but almost all of his experience is managerial. Looks like he was a project manager at Rockwell Collins and stayed in management until becoming CEO, then Raytheon bought them and he oversaw that merger.
Bottom line, he’s still an MBA type (though apparently doesn’t have an MBA himself). I don’t have high hopes for him to turn Boeing back into a quality aerospace company.
New CEO? Stock buyback time!
How many millions does the board get for doing the bare minimum?
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