Boeing names a new CEO to lead the industry’s comeback in confidence

After a months-long search, Boeing on Wednesday selected aerospace industry veteran Kelly Ortberg as its president and chief executive officer, giving the former Rockwell Collins executive the enormous job of leading the struggling aircraft manufacturer forward.

Reviving aircraft manufacturing and reestablishing confidence with authorities, the industry, and the public are just two of the many challenges that 64-year-old Ortberg must overcome. He’ll begin work on August 8.

Even though the aircraft manufacturer reported a greater loss of $1.4 billion in the second quarter owing to challenges in its defense and space sector, the appointment helped increase its shares by 1.4% in early trade.

Following an executive reorganization, board chairman Larry Kellner said he would not seek reelection, and CEO Dave Calhoun planned to retire at the end of the year.

Calhoun will be the board’s special advisor through March 2025, according to a statement made on Wednesday by Boeing Chairman Steve Mollenkopf.