Boeing CEO Unveils Path to Recovery Amid Mounting Challenges

Boeing CEO Kelly Ortberg has introduced a strategic turnaround plan focusing on cultural change to combat financial losses, a prolonged workers' strike, and supply chain issues. With a reported $6.17 billion third-quarter loss, he aims to stabilize production and restore trust in Boeing's capabilities.

Boeing's newly appointed CEO, Kelly Ortberg, has revealed a comprehensive plan aimed at reviving the troubled planemaker, emphasizing the necessity for a 'fundamental culture change.' The company is currently facing obstacles including a costly strike, accumulating debts, and increased cash expenditure.

The third quarter saw Boeing suffer a substantial loss of $6.17 billion, escalating its losses to nearly $8 billion for the year. This decline is attributed to multiple charges affecting its commercial and defense sectors. Despite these challenges, Boeing's shares experienced a modest 0.2% rise in fluctuating premarket trading.

Ortberg's focus is on improving performance in Boeing's defense division and stabilizing crucial programs like the 737 MAX and 777, while reigniting production impacted by a prolonged strike. The CEO, hopeful for a new contract approval, is committed to addressing root problems and ensuring Boeing's return to greatness.

(With inputs from agencies.)