In a move that marks a significant change of leadership amid financial and reputational turmoil, Boeing has named Robert “Kelly” Ortberg as its next CEO, succeeding David Calhoun. The transition, set for August 8, comes as Boeing reels from a hefty quarterly loss exceeding $1.4 billion, as reported by the Chicago Sun-Times. Ortberg, an aerospace industry veteran known for his tenure at Rockwell Collins, steps into a leadership role at a time when Boeing is grappling with multiple investigations into its safety culture and manufacturing standards.

Amidst the announcement of a new leadership, Boeing's financials showed a decline that struck a chord with already dim Wall Street expectations. The company's commercial airplane and defense sectors are currenly bleeding money—a situation exacerbated by ongoing legal woes and the fallout from significant accidents involving its 737 Max jetliner. "There is much work to be done, and I’m looking forward to getting started," Ortberg stated, expressing determination to steer the company through its current crises as mentioned by ABC News.

Boeing Chairman Steven Mollenkopf expressed confidence in Ortberg, describing the executive search as "thorough and extensive" and Ortberg himself as bearing "the right skills and experience to lead Boeing in its next chapter," according to Chicago Sun-Times. The outgoing CEO Calhoun is slated to serve as a special adviser until March of the following year. In a nod to continuity, Calhoun highlighted Ortberg's expected commitment to the existing leadership team in his conversations with analysts.

The fraught landscape that Ortberg inherits includes dealing with the FAA to boost production of the Max jets, rebounding from technical setbacks with the Starliner capsule, and managing the threatened strike by its largest union. Ortberg's transition coincides with Boeing's struggles to secure approval for new models and reassessments of its design future while opposing voices grow louder against a deal struck with the Justice Department in relation to Max's development. As reported by ABC News, many families of the victims of the two Max crashes have voiced opposition to the agreement, planning to request its rejection by a federal judge.

Despite the reported second-quarter loss and a cumulative setback exceeding $25 billion since 2019, Boeing remains focused on addressing its supply-chain issues and re-acquiring key contractors like Spirit AeroSystems. Their shares, however, managed to see a rise of 4% in afternoon trading, as outlined by the ABC News report—a glimmer of investor optimism in the midst of a company striving to navigate through one of the most challenging periods in its history.