Boeing named an aerospace industry veteran with a background in mechanical engineering as its next chief executive Wednesday.
FILE - A Boeing 737 Max jet, piloted by Federal Aviation Administration chief Steve Dickson, prepares to land at Boeing Field following a test flight on Sept. 30, 2020 in Seattle. On Sunday, July 7, 2024, the Justice Department said Boeing has agreed to plead guilty to a criminal fraud charge stemming from two deadly crashes of 737 Max jetliners.
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. Boeing Chairman Steven Mollenkopf said Ortberg was chosen after a “thorough and extensive search process” and “has the right skills and experience to lead Boeing in its next chapter.” Ortberg has earned a reputation for running complex engineering and manufacturing companies, Mollenkopf said.
Boeing was founded in Seattle but moved to Chicago in 2001 and then, to be closer to government officials and regulators, the headquarters moved to the Virginia suburbs of Washington, D.C., in 2022.Ortberg emerged as a leading candidate only recently.
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."The company needs to move back to Seattle. The notion that somebody thinks they can run the company from anywhere other than Seattle is a big mistake.
The company is still trying to persuade regulators to approve two new models of the Max and a bigger version of its two-aisle 777 jetliner. And it faces a multi-billion-dollar decision on when to design a new single-aisle plane to replace the Max.
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