Boeing names new CEO as it posts a loss of more than $1.4 billion in second quarter

Boeing lost more than $1.4 billion in the second quarter and said a longtime industry executive will take over as chief executive of the troubled aircraft manufacturer next week.

Robert “Kelly” Ortberg, 64, a former CEO at Rockwell Collins, will succeed c as CEO, the company said.

Boeing's loss was wider and revenue lower than Wall Street expected. Revenue fell 15% from a year earlier, and both its commercial-airplanes business and defense unit lost money.

The disappointing results come at a tumultuous time for Boeing. The company agreed to plead guilty to fraud in connection with the Max , two of which crashed, killing 346 people. The Federal Aviation Administration has increased its oversight of the company following mistakes including the blowout of a panel on an Alaska Airlines jet. It is pushing back against whistleblower allegations of manufacturing shortcuts that crimp on safety.

The company is dealing with supply-chain problems that are hindering production, which it hopes to fix in part by re-acquiring Spirit AeroSystems, a key contractor. It is still trying to persuade regulators to approve two new models of the Max and a bigger version of its two-aisle 777 jetliner. And it faces a multi-billion-dollar decision on when to design a new single-aisle plane to replace the Max.