• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Boeing taps aerospace veteran Kelly Ortberg to replace Dave Calhoun as CEO

by August 1, 2024
written by August 1, 2024

Boeing has named Robert “Kelly” Ortberg to replace CEO Dave Calhoun, picking a longtime aerospace veteran from outside the company as the manufacturer struggles to regain its footing from its safety and manufacturing crises. He will start Aug. 8.

Ortberg, 64, previously led major aerospace supplier Rockwell Collins, which later became Collins Aerospace, leading major acquisitions, including one early in his tenure. The business is now part of industry behemoth RTX. He retired in 2021, though he was most recently on RTX’s board and resigned on Wednesday.

The appointment of the more-than-three-decade aerospace veteran shows Boeing is seeking a steady hand that knows the industry — but also a company outsider. Jefferies analyst Sheila Kahyaoglu said in a July 29 note that at Collins, Ortberg was a “tough negotiator dealing with a diverse set of customers and suppliers and managing the complexity of its diverse customer base,” including Boeing.

Ortberg, who has a mechanical engineering degree, will face a host of challenges to turn Boeing around: persistent losses, additional regulator scrutiny, supply chain strains, a crisis of confidence from airline customers whose planes are delayed, and tense labor talks that now include the threat of a strike.

Boeing said in March that Calhoun would step down by year’s end, part of a broader company shake-up that also included the departure of its then-chairman and the replacement of its head of commercial aircraft unit. The changes came after a door plug blew out of a nearly new 737 Max 9, heightening federal scrutiny of Boeing just as it was trying to move on from two fatal crashes of its bestselling plane.

Boeing announced Ortberg’s appointment alongside a wider-than-expected quarterly loss and a 15% drop in sales.

“Kelly is an experienced leader who is deeply respected in the aerospace industry, with a well-earned reputation for building strong teams and running complex engineering and manufacturing companies,” Boeing chairman Steven Mollenkopf said in note to employees on Wednesday.

Ortberg will also join Boeing’s board.

Boeing has in recent months tried to move past its production and safety crises, including the continued fallout from two deadly crashes of its Max planes in 2018 and 2019 that killed 346 people.

Earlier this month it pleaded guilty to a federal fraud charge that said it misled regulators about the Max planes before they were certified. The agreement requires an independent corporate monitor at the company for three years.

As CEO, Ortberg will have to ensure quality of Boeing’s products that depend on a strained and massive supply chain. The company, which employs some 170,000 people, has to train thousands of new employees who replaced more experienced staff who left in the pandemic, a challenge Boeing’s suppliers are also facing.

The midair door plug blowout put Boeing’s leaders back in crisis mode, though there weren’t any serious injuries among passengers or crew. Bolts to hold the door panel in place weren’t installed at Boeing’s Renton, Washington, factory, according to early accident reports.

That accident was the most serious of a host of manufacturing flaws that also included misdrilled holes and incorrect spacing on fuselages, problems that have slowed deliveries, depriving the company of cash and customers of new planes.

Boeing reached a deal earlier this month to buy Spirit AeroSystems, its fuselage supplier it previously owned. Many of the recent problems originated there and Boeing’s leaders have said the acquisition Boeing’s leaders have said will help them get a better handle on quality after years of outsourcing, a practice that outgoing CEO Calhoun said earlier this year likely went “too far.”

“One person cannot turn around a company, but Kelly should be able to cast a wider net for talent than a Boeing insider could,” Bank of America aerospace analyst Ron Epstein said in a note Wednesday. “Also, we note that Rockwell Collins fostered a strong culture, something that we think Boeing is in dire need of now.”

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Vance brands Harris a ‘coward’; Trump dinged for ‘attacks and insults’ as campaigns war after fiery event
next post
Dogecoin and Shiba Inu continue to descend to new lows

related articles

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Long US30: primed for Rebound, strong support at 38,550 and positive labor data fuel optimism

    August 8, 2024
  • Pete Hegseth says he will be ‘standing right here in this fight’ after meeting with senators

    December 6, 2024
  • EURAUD and EURNZD: New annual high for EURNZD at 1.82573

    July 23, 2024
  • Republican Rep. Joe Wilson announces plan to propose $250 bill featuring Trump

    February 27, 2025
  • Vitesse Energy stock: How safe is the 9% dividend yield?

    August 12, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,509)
  • Investing (634)
  • Stock (941)

Latest Posts

  • Even at $8M per Super Bowl commercial, ad executives say it’s still bang for your buck

    February 8, 2025
  • Former AG Barr ‘dumbfounded’ at DOJ’s decision to release letter of Trump would-be assassin

    September 23, 2024
  • CATL IPO: will the EV battery giant’s Hong Kong debut revive the city’s capital markets?

    February 12, 2025

Recent Posts

  • TCO Meaning: Understanding the Full Cost of Ownership

    August 20, 2024
  • 16 vulnerable House Dems who traveled to White House a combined 133 times during Biden’s tenure

    July 11, 2024
  • Sports gambling takes a toll on Americans’ checkbooks, research shows

    August 26, 2024

Editor’s Pick

  • Future of Trump budget bill uncertain as House GOP rebels mutiny over Senate plan

    April 8, 2025
  • Sports gambling takes a toll on Americans’ checkbooks, research shows

    August 26, 2024
  • S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech

    July 11, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock