Boeing CEO says the company must fundamentally change as losses surge

  • CNN
  • October 23, 2024
New York

CNN

 — 

Boeing reported huge quarterly losses Wednesday, as new CEO Kelly Ortberg conceded "it will take time to return Boeing to its former legacy."

"Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution," said Ortberg, who took over control of the embattled aircraft maker in August, a month before the start of a strike by 33,000 members of the International Association of Machinists.

The company's net loss surged to $6.2 billion from $1.6 billion a year earlier, with a $4 billion operating loss coming from its commercial airplane unit. That is the Boeing unit that has been the most troubled, but the strike affected only the last two weeks of the three-month period.

Boeing reported a $2.4 billion operating loss in its space and defense business, which is not affected by the strike.