Boeing named aerospace veteran Robert Kelly Ortberg as its new president and CEO to turn around the struggling planemaker post a $1.4bn loss. Ortberg, formerly of Rockwell Collins, will take over on 8 August.
Boeing has faced significant financial strain, with losses exacerbated by its troubled defense and space business. The company has suffered from cost overruns in its defense, space, and security unit, contributing to billions in losses in recent years.
Boeing plans to shift away from fixed-price contracts, which have caused financial woes, towards more sustainable business models. The company forecasts continued cash burn in 2024 due to lower jet deliveries and ongoing operational challenges.
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