Despite posting lower-than-expected earnings and revenue, Boeing (NYSE:BA) saw its shares rise by 2% on Wednesday following the announcement of Kelly Ortberg as the new President and CEO. Ortberg's appointment, effective August 8, 2024, will also see him join Boeing's board of directors.
He will take over from Dave Calhoun, who announced his retirement plans earlier this year after serving as president and CEO since January 2020. Ortberg brings over 35 years of aerospace leadership experience, having started his career as an engineer at Texas Instruments in 1983. He later joined Rockwell Collins in 1987, where he eventually rose to the position of president and CEO in 2013.
Additionally, Ortberg has previously served as the Chair of the Aerospace Industries Association (AIA) Board of Governors, further underscoring his extensive experience in the industry.