Boeing CEO Proposes Bold Culture Shift Amid Mounting Losses

Boeing CEO Kelly Ortberg outlined a new turnaround strategy in response to $6 billion in quarterly losses attributed to a worker strike and operational challenges. Ortberg emphasized the need for cultural change and stabilizing production, despite ongoing supply chain and workforce difficulties.

Boeing CEO Kelly Ortberg announced a new turnaround strategy on Wednesday, urging a "fundamental culture change" as the company grapples with $6 billion in quarterly losses partly due to a debilitating strike.

The planemaker's losses now approach $8 billion for the year as production halts of its 737 MAX, 777, and 767 models, compounded by struggles in its defense and space division, have deeply impacted its business. Boeing shares fell 1% in premarket trading.

Ortberg, addressing employees, stressed the urgency of improving performance in its defense business and aircraft programs, noting that Boeing stands "at a crossroads" following performance issues that disappointed customers and undermined trust.

(With inputs from agencies.)