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ARLINGTON, Va. - Boeing (NYSE:BA), trading at $209.53 and currently showing a strong year-to-date return of 21.21%, announced Monday that Jesus "Jay" Malave will succeed Brian West as executive vice president and chief financial officer effective August 15.
West, who has served as Boeing’s CFO for four years, will transition to a senior advisor role to Boeing President and CEO Kelly Ortberg, assisting with the leadership transition. According to InvestingPro data, Boeing faces significant financial challenges, with the company currently operating at negative profit margins and carrying a moderate debt level.
Malave joins Boeing from Lockheed Martin, where he most recently served as CFO. His previous experience includes senior financial leadership positions at L3Harris Technologies and over 20 years at United Technologies Corporation, where he held CFO roles at Carrier Corporation and UTC Aerospace Systems.
In his new position, Malave will oversee Boeing’s financial strategy, reporting, business planning, investor relations, treasury, controller and audit operations. He will also lead Enterprise Services, which includes global real estate and facilities. Malave will report directly to Ortberg and serve on Boeing’s Executive Council.
"Jay will become CFO at an important time in helping build Boeing’s next chapter as we continue to make progress on our recovery and implement fundamental changes rooted in safety and quality," Ortberg said in the press release statement.
Malave holds a bachelor’s degree in mathematics from the University of Connecticut, a master’s in accounting from the University of Hartford, and a Juris Doctor from the University of Connecticut School of Law.
Boeing develops and manufactures commercial airplanes, defense products, and space systems for customers in more than 150 countries. As a prominent player in the Aerospace & Defense industry, the company generated revenues of $69.44 billion in the last twelve months, though analysts note the company may not be profitable this year. For deeper insights into Boeing’s financial health and future prospects, including 8 additional exclusive ProTips, check out the comprehensive research available on InvestingPro.
In other recent news, Boeing’s financial outlook has been revised to stable by Fitch Ratings, affirming the company’s Long-Term Issuer Default Rating at ’BBB-’. This revision is attributed to Boeing’s increased production capacity and financial flexibility, bolstered by a $10.55 billion sale of Jeppesen to Thoma Bravo. In another development, Redburn-Atlantic upgraded Boeing’s stock rating from neutral to buy, highlighting improvements in the company’s financial health and production capabilities, particularly for the 737 and 787 aircraft. The firm projects potential production increases could significantly boost Boeing’s cash flow by the end of the decade.
Meanwhile, Boeing has appointed Steve Sullivan, a former Northrop Grumman executive, to lead its Air Force One program, signaling efforts to address ongoing challenges in the program. On the safety front, the U.S. National Transportation Safety Board is awaiting findings from India’s investigation into the recent Air India Boeing 787 crash. India’s civil aviation ministry confirmed successful data retrieval from the flight recorder, which remains under examination by the Aircraft Accident Investigation Bureau. Boeing continues to focus on reducing its legacy inventory, delivering parked aircraft, and improving its production-to-delivery cadence.
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