Boeing names new CEO after burning $1.4 billion in the quarter

Boeing reported a loss in excess of $1.4 billion for the second quarter of 2024. In addition, the company announced that starting next week, Robert "Kelly" Ortberg, a longtime veteran of the aerospace industry, will take over as CEO, replacing outgoing CEO David Calhoun.

Ortberg, who was previously CEO at contractor Rockwell Collins, will start in his new role on Aug. 8. His appointment follows an extensive search for a suitable candidate. Ortberg was chosen because of his experience managing complex engineering and manufacturing projects, which company chairman Steven Mollenkopf sees as key to Boeing's new direction.

Boeing is facing a challenging time. Financial results for the second quarter show a significant decline in revenue and losses in both its core businesses - commercial aircraft and defence. Revenues were down 15% year-over-year and operating cash flow was minus $3.9 billion. Both commercial aircraft and defence systems segments posted losses, reflecting ongoing supply chain…