on Wednesday named aerospace industry veteran Kelly Ortberg as its new President and CEO, tasking the former Rockwell Collins executive in turning around the struggling plane maker after it reported a $1.4 billion loss.The company also posted a bigger quarterly loss, as its troubled defence and space business exacerbated the financial strain on the U.S. plane maker that has already scaled back commercial aircraft production to tackle a quality crisis.
Such contracts have high margins but leave defence contractors vulnerable to inflationary pressures that have dented U.S. corporate earnings in the last few years. Ahead of last week’s Farnborough Air Show, the unit’s head had said it was “significantly challenged” during the quarter. The company is mired in crisis after a cabin panel on a 737 MAX 9 jets blew off midair in January, which led to a slowdown in production of its top-selling plane and a management shakeup, even as it came under intense regulatory and legal scrutiny.
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