Boeing appoints new CFO amid turnaround campaign

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Boeing is replacing its chief financial officer with a former Lockheed Martin finance chief, as the struggling US aircraft maker continues its turnaround effort.

The aerospace giant on Monday said Jesus “Jay” Malave would replace Brian West, who has served as CFO for the past four years. West will remain as an adviser to Boeing’s chief executive Kelly Ortberg. The handover will take effect in mid-August.

The move marks the most high-profile change in Boeing’s leadership team since Ortberg took the helm last August, tasked with overhauling the company after a series of safety and manufacturing crises beginning with the Lion Air 737 Max crash in 2018. 

West, who was appointed CFO by Ortberg’s predecessor Dave Calhoun, oversaw Boeing’s finances through its recent turmoil. He also helped to orchestrate its $24bn equity raising last year to shore up its balance sheet. 

“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. 

The chief executive told the Financial Times in early June that restoring Boeing’s status as a US manufacturing champion would be a “multiyear” process. 

Scrutiny of the company, however, has since intensified following the crash of a Boeing 787-8 Dreamliner in India earlier this month which killed all but one of the 242 people on board and at least 29 on the ground. The cause of the Air India crash is not yet known.

Ortberg, who previously held leadership roles with United Technologies and Raytheon, has made progress in stabilising Boeing’s production and improved its quality control processes, following the mid-air blowout of a door panel on a Boeing plane in January 2024. 

Malave most recently served as CFO at Lockheed Martin, a post he held for just over three years.

Shares in Boeing were flat in after-hours trading.