Boeing Names Kelly Ortberg as New President and CEO Amidst Crisis

Boeing has appointed Kelly Ortberg as its President and CEO, tasking him with revitalizing the troubled planemaker. Ortberg, former Rockwell Collins executive, will address production and safety issues, and restore public and regulatory trust. His appointment boosted Boeing's shares despite a $1.4 billion second-quarter loss due to defense and space struggles.

Boeing on Wednesday named aerospace industry veteran Kelly Ortberg as its President and CEO following a months-long search. The former Rockwell Collins executive is tasked with the monumental job of turning around the struggling planemaker, addressing issues such as jet production and rebuilding trust with regulators, the industry, and the public. Ortberg will start on Aug. 8.

The appointment nudged Boeing's shares up 1.4% in early trading despite the company posting a $1.4 billion loss in the second quarter due to struggles in its defense and space business. The crisis-hit planemaker faces scrutiny after a midair cabin panel blowout on a MAX 9 jet led to an executive reshuffle.

Current CEO Dave Calhoun will step down by the year's end, while board chair Larry Kellner will not seek re-election. Ortberg's experience, especially his integration work at Rockwell Collins and RTX, is seen as a strong fit for Boeing's current challenges, including integrating Spirit AeroSystems after a recent acquisition.