Boeing names new CEO in wake of dismal second quarter earnings report

Boeing has appointed Robert K. "Kelly '' Ortberg CEO and president of the struggling aerospace corporation. Ortberg assumes leadership at a pivotal time for Boeing, and will be tasked with turning the company around amid mounting scrutiny and financial troubles.

Ortberg's appointment follows months of unrest at Boeing, including a January incident wherein a 737 Max experienced a severe malfunction mid-flight. In March, former Boeing CEO Dave Calhoun stepped down after four years in the position, as concerns mounted around safety protocol at the company.

In a statement, Boeing officials expressed confidence in Ortberg's ability to effectively lead Boeing and navigate the company's ongoing challenges.

"Kelly is an experienced leader who is well-respected in the aerospace industry, with a remarkable track record of establishing strong teams and overseeing intricate engineering and manufacturing organizations.

We are excited to collaborate with him as he leads Boeing during this crucial time in its extensive history," said Boeing chair Steven Mollenkopf in a statement.

"Joining this iconic company is an enormous honor and privilege," said Ortberg in a statement. "Boeing has an incredible and lengthy history as a pioneer and leader in our field, and I am dedicated to collaborating with the more than 170,000 committed employees of the company to maintain that legacy, emphasizing safety and quality. There's a lot to achieve, and I'm excited to begin."

Ortberg's appointment coincides with the release of Boeing's 2024 second quarter earnings, showing a steep drop in revenue and overall losses compared to the same time in 2023. The company's financial decline can be partially attributed to the fallout from the January malfunction incident.

In its second quarter report, Boeing stated that despite a challenging quarter, it remains focused on its future.