
Boeing's board announced yesterday industry veteran Kelly Ortberg will become the aerospace company's new CEO starting Aug. 8, replacing outgoing head Dave Calhoun. The leadership shift was announced as Boeing reported a 15% decline in overall revenues from a year earlier.
The former CEO of aeronautic technologies provider Rockwell Collins, Ortberg will inherit significant production slowdowns and increased regulatory scrutiny following several high-profile incidents with its planes in recent years, including a midflight door plug blowout in January (see timeline). The world's largest aerospace company consists of three business units: commercial airplanes, defense, and international work, and has customers in over 150 countries, with a market valuation of roughly $115B.
Adding to Boeing's woes is the continued delay of the company's flagship spacecraft Starliner's return to Earth, where a nine-day mission to the International Space Station has been extended 46 days to address technical issues.
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