Transportation
Boeing Cash Burn Shows Turbulent Path Ahead for New CEO Ortberg
- New CEO inherits debt pile after $4.3 billion cash burn
- Calhoun to leave after 737 panel blowout led to crisis
This article is for subscribers only.
In his first comments as Boeing Co.’s next chief executive officer, Kelly Ortberg said “there is much work to be done” — and the company was swift to reinforce that point.
Just hours after the embattled planemaker announced Ortberg as its new leader, the enormity of the task came into sharper focus. Boeing will continue to burn cash in the third quarter, after consuming more than $1 billion each month in the first half, Chief Financial Officer Brian West cautioned. Just how big the drain would turn out to be for the full year, he couldn’t say.