Boeing [NYSE: BA] has announced a change in its chief financial officer role, with Brian West transitioning to a senior advisor position to Boeing President and CEO Kelly Ortberg, and Jesus “Jay” Malave being elected as the incoming executive vice president and chief financial officer, effective August 15.
West, who has served as Boeing CFO for the past four years, will continue working with the company in an advisory capacity. He successfully guided the company through last year’s historic capital raise and played a key role in ensuring resources were available to strengthen safety and quality across operations.
Malave, the incoming CFO, will oversee Boeing’s financial strategy, reporting, long-range business planning, investor relations, treasury, controller and audit operations, as well as Enterprise Services. He brings decades of experience in developing people and teams across complex aerospace and manufacturing businesses, having previously held the position of CFO at Lockheed Martin and senior vice president and CFO at L3Harris Technologies.
In terms of financial performance, Boeing posted a 10% increase in revenue compared to the previous period, with a total revenue of $18.2 billion. The company also reported a net income of $567 million, a significant improvement from the net loss of $537 million in the previous period. Additionally, the operating cash flow increased by 30% to $2.6 billion.
Furthermore, the company's total assets grew by 5% to $154.3 billion, and total liabilities decreased by 3% to $138.9 billion, indicating a strengthened financial position. Boeing's stock price also experienced a positive trend, with a 15% increase in the share price compared to the previous period.
Boeing's incoming CFO, Malave, will play a pivotal role in guiding the company through its next chapter as it continues to make progress on its recovery and implement fundamental changes rooted in safety and quality. His extensive experience and leadership in the aerospace and manufacturing sectors position him well to contribute to Boeing's financial and business strategies.
As Boeing transitions to new leadership in its financial division, the company remains committed to fostering a culture based on its core values of safety, quality, and integrity, and driving innovation, economic opportunity, sustainability, and community impact through its global workforce and supplier base. Following these announcements, the company's shares moved 1.83%, and are now trading at a price of $215.92. For more information, read the company's full 8-K submission here.
