Boeing named aerospace industry veteran Robert 'Kelly' Ortberg as its new CEO as the airplane manufacturer seeks to rebuild trust with regulators and the public.
Boeing on Wednesday named aerospace veteran Robert "Kelly" Ortberg as its new CEO. Ortberg, who led Boeing supplier Rockwell Collins, will succeed Dave Calhoun, who announced earlier this year his intent to retire from the aerospace company. Shares rose 2.9% in premarket trading on the news.
While such contracts can be profitable, they are vulnerable to inflation. Boeing has said it will shift away from fixed-price contracts to stem losses, which totaled $1.76 billion last year, Reuters reported. In the short term, Boeing CFO Brian West said in May that the planemaker will continue to burn cash in 2024 as it will deliver fewer jets compared to last year. Reuters contributed to this report.
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