Boeing [NYSE: BA] has announced a significant transition in its chief financial officer role, with Jesus "Jay" Malave elected as the incoming executive vice president and chief financial officer, effective August 15. Malave will take over from Brian West, who has served as Boeing CFO for the last four years and will now become a senior advisor to Boeing President and CEO Kelly Ortberg.
Under West's leadership, Boeing navigated a historic capital raise last year and ensured the availability of resources to enhance safety and quality across its operations. Looking at the financial metrics, Boeing reported a revenue of $58.16 billion in the most recent quarter, a decrease of 9.2% from the same period last year. The company's net income also experienced a significant decline, dropping by 52.4% to $567 million compared to the previous year.
Malave, the incoming CFO, brings with him extensive experience in financial and business leadership, having served as CFO of Lockheed Martin and in senior financial positions at L3Harris Technologies and United Technologies Corporation. His appointment comes at a crucial time as Boeing continues to make progress in its recovery and implements fundamental changes focused on safety and quality.
Boeing's new CFO will be responsible for leading the company's financial strategy, reporting, long-range business planning, investor relations, treasury, controller and audit operations, as well as Enterprise Services, which includes global real estate and facilities. Malave's extensive experience in developing people and teams across complex aerospace and manufacturing businesses positions him well to drive Boeing's financial functions forward.
Boeing, a leading global aerospace company and top U.S. exporter, develops, manufactures, and services commercial airplanes, defense products, and space systems for customers in more than 150 countries. With a commitment to fostering a culture based on core values of safety, quality, and integrity, the company continues to drive innovation, economic opportunity, sustainability, and community impact. As a result of these announcements, the company's shares have moved 1.83% on the market, and are now trading at a price of $215.92. Check out the company's full 8-K submission here.
