Boeing CEO Kelly Ortberg Charts Course for Transformation Amidst Financial Turmoil

Boeing CEO Kelly Ortberg outlined plans for a cultural shift as the company faces $8 billion in losses this year. Strategies include possible asset sales, workforce downsizing, and focusing on civil planemaking and core defense. Ortberg emphasizes the need for operational efficiency and resolving supply chain issues.

Boeing CEO Kelly Ortberg unveiled a strategy for a 'fundamental culture change' to steer the troubled aerospace leader back on track. With quarterly losses soaring to $6 billion, Ortberg called for significant operational adjustments, including staff reductions, as part of the ongoing response to a crippling strike.

The company's financial woes, now nearing $8 billion in losses, were exacerbated by halted production of the 737 MAX, 777, and 767 models and challenges within its defense sector. Ortberg's restructuring plan includes potential asset sales and intensified focus on Boeing's core sectors, with the hope of regaining customer trust.

Amidst ongoing labor disputes, Ortberg remains optimistic about resolving strikes impacting production, while also addressing supply chain challenges. Ortberg reiterated Boeing's commitment to stabilizing its operations and exploring potential new aircraft developments once financial stability is restored.

(With inputs from agencies.)