Latest news with #JesusMalave
Yahoo
03-07-2025
- Business
- Yahoo
Boeing's new CFO Malave to receive $1.05 million as annual base salary
(Reuters) -Boeing Co said on Thursday that incoming CFO Jesus "Jay" Malave would receive $1.05 million as an annual base salary and he would be eligible for annual and long-term incentive awards with target values of $1.26 million and $6.5 million, respectively. The planemaker said on Monday it appointed the former Lockheed Martin executive as its new CFO, effective August 15. Boeing said that Malave would not take part in its Defense, Space & Security business until the end of the year due to his prior role at Lockheed. He will also be restricted from working on vendor relationships involving Lockheed until April 2026 and from participating in procurement matters where Lockheed is a competitor until April 2027, Boeing added. The company will also pay Lockheed $2 million to settle claims related to his hiring.
Bloomberg
01-07-2025
- Business
- Bloomberg
Boeing CEO Revamps Top Team With New CFO, Permanent Defense Head
Boeing Co. said Stephen Parker will oversee the defense, space and security unit on a permanent basis, as Chief Executive Officer Kelly Ortberg molds his top leadership team, including the appointment of a new chief financial officer. Parker had run the subsidiary on an interim basis since September of last year, after Ortberg removed the previous head of that business, Ted Colbert. On Monday, Boeing also announced that Jesus 'Jay' Malave, a former finance chief at Lockheed Martin Corp., will take over from Brian West next month.
Irish Times
01-07-2025
- Business
- Irish Times
Boeing to replace CFO Brian West with former Lockheed finance chief
Boeing said chief financial officer Brian West, who helped orchestrate one of the biggest capital raises in US corporate history last year to steady the crisis-stricken planemaker, is stepping down. Mr West is leaving the post in mid-August and will be succeeded by former Lockheed Martin executive Jesus 'Jay' Malave. Mr West will remain an adviser to chief executive Kelly Ortberg, Boeing said in a statement on Monday. Both moves are effective August 15th, the company said. The leadership change marks the highest-profile personnel switch since Mr Ortberg took over the top role at the planemaker last year. Mr West helped Mr Ortberg navigate a capital squeeze and avoid a possible ratings downgrade to junk status, brought on by a crippling strike last year and a steep slowdown in output after a near-catastrophic accident. READ MORE 'I just felt like it was the right timing to pass the baton,' Mr West said in an interview. 'The balance sheet is much stronger, operating performance is better, outlook is very encouraging.' Boeing shares rose 0.3 per cent after the close of the regular trading session in New York, paring an earlier 2.3 per cent loss. The stock has gained 18 per cent so far this year. A long-time associate of former Boeing CEO Dave Calhoun at General Electric, Mr West kept watch over the company's finances as it weathered post-Covid supplier and quality setbacks. Mr West was instrumental in shoring up Boeing's cash reserves with a $24 billion equity sale last year, a near-record for a public company. He added to the stash this year by overseeing the $10.6 billion auction of the Jeppesen unit and other digital assets. In all, Boeing has raised more than $44 billion in debt and equity to bolster its balance sheet since a near-catastrophe on an airborne 737 Max in early 2024 triggered federal investigations and a leadership overhaul. The company has begun ramping up work in its factories under the close supervision of US regulators, a key step towards generating positive cash flow and eventually profits. Mr Ortberg and Mr Malave briefly overlapped late last decade at United Technologies, the aerospace manufacturer now known as RTX. Mr Ortberg ran the Collins Aerospace division while Mr Malave served as vice president and chief financial officer of its Carrier division. Subsequent stints at L3Harris and Lockheed won Mr Malave support in the analyst community, and he had been considered to be a leading contender for the Boeing CFO post once Mr West was ready to step down. Mr Malave left Lockheed Martin days before its April earnings call, advising the company he was 'pursuing other opportunities', according to a statement by the defence company. Mr Malave's responsibilities will include heading Boeing's financial strategy, long-range business planning, investor relations, treasury, controller and audit operations, as well as the unit responsible for its global real estate holdings. He will report to Mr Ortberg and serve on the company's executive council. 'We're on a nice, steady, predictable path towards recovery, while not pushing too hard,' Mr West said. 'It's turned out a little bit better than we even expected.' - Bloomberg
Yahoo
30-06-2025
- Business
- Yahoo
Boeing Names Lockheed Martin's Jay Malave as New CFO
Boeing Co. (BA, Financials) appointed Jesus Jay Malave as its new chief financial officer, the aerospace giant said Monday, as the company looks to reset investor confidence amid ongoing operational and regulatory challenges. Warning! GuruFocus has detected 6 Warning Signs with BA. Malave, who will assume the role on August 15, brings decades of experience from the aerospace and defense sector. He most recently served as CFO of Lockheed Martin (LMT, Financials), and previously held senior finance roles at L3Harris Technologies (LHX, Financials) and United Technologies, now part of RTX Corp. (RTX, Financials). He replaces Brian West, who has served as Boeing's CFO since 2021. West will remain with the company in an advisory capacity to support the leadership transition. Boeing shares were down 2.3% at market close Monday as broader defense and aerospace stocks remained mixed. The leadership change comes as Boeing navigates intense scrutiny from regulators, delayed aircraft deliveries, and a string of safety and quality concerns that have weighed on its financial performance and stock price. This article first appeared on GuruFocus.
Yahoo
30-06-2025
- Business
- Yahoo
Boeing appoints former Lockheed Martin CFO Jay Malave as new finance chief
(Reuters) -Boeing Co said on Monday it had appointed former Lockheed Martin executive Jesus 'Jay' Malave as the planemaker's new CFO, effective Aug. 15. He will succeed Brian West, who will stay on in an advisory role, Boeing said. West joined Boeing in 2021 and oversaw its finances through a turbulent period, marked by mounting debt and delivery delays. The appointment comes as the planemaker undergoes a broader transformation to restore its reputation and ramp up jet production under current CEO Kelly Ortberg. A Boeing investor said the move was not a surprise, as CEO Kelly Ortberg had signaled an openness to changing upper management in April. Malave, who has held senior finance roles at L3Harris Technologies and United Technologies, exited defense contractor Lockheed Martin in April.
