Boeing Names Aerospace Veteran Kelly Ortberg Its New CEO and President

Following a disastrous year of plummeting business and a general distrust among airline passengers, Boeing has named its new CEO and President after months of searching for the right candidate to turn the company around.

On Wednesday, Boeing named Robert "Kelly" Ortberg, 64, its incoming chief executive, effective August 8.

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"I'm extremely honored and humbled to join this iconic company," Ortberg said in a statement. "There is much work to be done, and I'm looking forward to getting started."

Ortberg has over 35 years of experience in aerospace and defense and served as the former CEO of Rockwell Collins until 2018.

In 2018, United Tech purchased Rockwell Collins which now operates under Collins Aerospace whose parent company is RTX Corporation. Ortberg helped lead the company's integration with United Technologies and RTX before leaving in 2021.

According to LinkedIn , Ortberg is currently serving as the Special Advisor to the Office of the Chairman & CEO of United Tech.

^{Kelly Ortberg inside the Rockwell Collins production facility in 2016 (Daniel Acker/Bloomberg via Getty Images)}

He is replacing CEO Robert Calhoun who held the position since 2020 and announced in May that he would be stepping down by the end of 2024.

"The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years," he said in an internal memo at the time.

Problems for Boeing began earlier this year when a January 5 Boeing MAX 9 jet operated by Alaska Airlines had an emergency panel blow out of the plane mid-flight.

Ortberg's appointment came as Boeing announced its Q2 2024 earnings , which were rough as expected, with Calhoun noting that the company expects to see losses continue into Q3.

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Boeing saw a net loss of $1.44 billion in Q2 compared to just $149 million at the same time the previous year, with revenue dropping 15% in the same period.

The company estimated that it burned through $4.3 billion in cash during Q2 as it continues to try to mitigate damages.

"Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future," Calhoun said in an earnings release . "While we have more work ahead, the steps we're taking will help stabilize our operations and ensure Boeing is the company the world needs it to be."

Boeing shot up over 4.5% in a 24-hour period on Wednesday after news of Ortberg's appointment was reported.