Embattled aerospace giant Boeing has recorded a staggering $1.4bn loss in the second quarter of 2024, as it brings a new CEO on board in a bid to turn around its struggling finances and reputation.
The troubled plane manufacturer has faced a tumultuous seven months after being embroiled in a string of safety and quality concerns with a plane door blowing off mid-flight, whistleblowers coming forward with damning claims and a conviction of conspiring to defraud the US.
On Wednesday, the company announced its quarterly financial statements, revealing revenues even lower than Wall Street analysts anticipated.
In total, Boeing’s revenues were down 15 per cent in the three months ending June 30 compared to the same period a year earlier.
In a bid to repair the company’s fractured finances and reputation, the company announced that Kelly Ortberg, the 64-year-old former chief executive of supplier Rockwell Collins, has been appointed as CEO, effective August 8.
Ortberg, a former mechanical engineer, “has the right skills and experience to lead Boeing in its next chapter,” chairman Steven Mollenkopf said in a statement.
Ortberg said in a statement from the company on Wednesday that there is “much work to be done”.
“I’m extremely honored and humbled to join this iconic company,” he said.
“Boeing has a tremendous and rich history as a leader and pioneer in our industry, and I’m committed to working together with the more than 170,000 dedicated employees of the company to continue that tradition, with safety and quality at the forefront,” he added.
Outgoing CEO David Calhoun resigned back in March. In the earnings release, Calhoun noted that Boeing has had a “challenging quarter,” but said that the business is making “substantial progress” for the future.
The company’s flailing finances have been blamed, in part, on quality and safety issues surrounding Boeing’s aircraft.
Questions have mounted as to whether it is safe to fly on Boeing planes, following a dramatic moment on a 737 Max aircraft in January.
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