Latest news with #Malave
Bloomberg
04-07-2025
- Business
- Bloomberg
Boeing's New CFO Barred From Defense, Lockheed Matters for Now
Boeing Co. 's new chief financial officer, Jesus 'Jay' Malave, won't be allowed to join in discussions initially that involve the company's second-largest business, one of several unusual clauses in his hiring agreement addressing potential conflicts of interest with a former employer. Malave, who's joining Boeing next month, held the same role at Lockheed Martin Corp. before stepping down abruptly in April, days before a quarterly earnings call. In a filing on Thursday, Boeing said it is paying its defense rival $2 million 'in connection with a release of claims relating to Mr. Malave's employment with the company.'
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.
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. Sign in to access your portfolio
Yahoo
02-07-2025
- Business
- Yahoo
Why Boeing's new CFO Jay Malave is ‘critical' to a turnaround
Following a series of aircraft malfunctions, management missteps, and a strike by more than 33,000 machinists in 2024, the Boeing Company's C-suite continues to evolve. Brian West, Boeing's CFO for the past four years, is stepping down and will become a senior advisor to president and CEO Kelly Ortberg, the Fortune 500 company announced on Monday. Jesus 'Jay' Malave has been appointed EVP and chief financial officer, effective Aug. 15. Malave will lead Boeing's finance organization, as well as strategy, business planning, and global real estate, and will serve on the company's executive council. He was most recently CFO of Lockheed Martin and previously held senior finance roles at L3Harris Technologies. Malave spent more than 20 years at United Technologies (UTC), including serving as CFO of Carrier Corporation when it was a UTC division. West, Malave's predecessor, was appointed by former CEO Dave Calhoun in 2021. Both Calhoun and West are General Electric alumni. Calhoun, who pledged in March 2024 to retire by year-end following the widely publicized door-plug blowout over Portland, Or., on Jan. 5, 2024, was succeeded by Ortberg, who began his tenure on Aug. 8, 2024. In selecting a new CEO, Boeing's board was determined to appoint an outsider like Ortberg who could reform its culture and refocus on quality and reliability in manufacturing, Fortune reported. The board also sought a leader with a long-term vision, including plans for a long-overdue next-generation aircraft to strengthen Boeing's position against Airbus in the narrow-body market. Both Ortberg and Malave worked at UTC during their careers and are now strategic partners. 'Jay will become CFO at an important time in helping build Boeing's next chapter,' Ortberg said in a statement. The company continues to make progress on its recovery and implementing fundamental changes rooted in safety and quality, he added. Any chief executive or finance chief would say that 'a strong CEO-CFO relationship is critical' to successful execution—whether the strategy is turnaround, growth, or something in between, Scott Simmons, co-managing partner at executive search firm Crist Kolder Associates, told Fortune. 'There must be trust and respect between those two positions to make it all work.' Malave brings decades of experience developing people and teams across complex aerospace and manufacturing businesses, according to Ortberg. Regarding Boeing's challenges, 'I'm certain the board empowered Ortberg to 'fix it' and provided him with a very long leash,' Simmons said. The most important element Malave brings, beyond his track record at large, complex aerospace companies, is the ability to establish instant trust with Ortberg, he said: 'This will allow them to hit the ground running.' Fitch Ratings announced on Monday that it has revised its outlook for Boeing from 'negative' to 'stable.' The change reflects improved post-strike production, greater financial flexibility—including the April agreement to sell its Jeppesen navigation and digital aviation business and related assets to Thoma Bravo for $10.55 billion in cash—and reduced downgrade risks, supporting the company's BBB- rating. The stable outlook also factors in Fitch's expectation of gross debt reduction, including repayment of all 2026 notes at maturity ($7.95 billion). Malave and Ortberg will need to continue working to maintain positive momentum. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
Boeing picks Lockheed alum for CFO seat
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Boeing swiped former Lockheed Martin finance chief Jesus 'Jay' Malave to serve as the jet maker's next CFO, with Malave to succeed Brian West in the role effective Aug. 15, according to a Monday press release. Malave served a three-year term as Lockheed Martin's finance chief, joining the defense manufacturer in January 2022 before departing from the position in April, according to his LinkedIn profile. The Arlington, Virginia-based company said West, who has served as its CFO since August 2021, will transition to the role of senior advisor to President and CEO Kelly Ortberg, also effective Aug. 15. 'With Boeing making progress in our recovery, Brian and I believe this is the right time to hand the reins to a new leader as we embark on the next chapter of our company's growth and development,' Ortberg said in an email to employees shared with CFO Dive. 'Brian will continue as a senior advisor to me and oversee a smooth transition to Jay once he joins the company.' The CFO swap comes after a rocky period for Boeing. Orberg termed the company's past few years as 'some of the most consequential in Boeing's history,' crediting CFO West's role for navigating its recovery efforts, according to the email. West 'successfully guided us through last year's historic capital raise and ensured our team always had the resources to continue the critical work to strengthen safety and quality across our operations,' Ortberg said, referring to the approximately $22 billion raised by the company in an October 2024 stock sale. 'I look forward to his continued counsel in his new role.' Prior to Lockheed Martin, West's successor Malave served as senior vice president and CFO for space and defense manufacturer L3Harris Technologies. Malave has also logged past experiences in the aerospace industry at United Technologies Corporation before its merger with Raytheon Technologies in 2020, as well as during an 11-year stint at aerospace component manufacturer Pratt & Whitney, according to his LinkedIn profile. The CFO appointment marks the latest C-suite change at Boeing since Ortberg took its top executive seat last year, as five members of its executive team departed the company shortly after Ortberg took over, including its chief information officer and communications chief, Bloomberg reported at the time. On Tuesday, Boeing also announced another executive shift, appointing company veteran Stephen Parker to the permanent role of president and CEO of its defense, space & security (BDS) business effective immediately, according to a press release. The move comes after Parker stepped into the seat on an interim basis in September 2024. Malave will step into the top financial seat as Boeing continues to face both public and regulatory scrutiny in the wake of a series of plane crashes in recent years, as well as other headwinds stemming. After a door plug flew off an Alaska Airlines flight last year, the company came under heightened scrutiny from federal regulators. In June, federal investigators faulted Boeing for failing to provide adequate training and oversight for its manufacturing operations, which led to the incident, The Wall Street Journal reported. Malave will join a C-suite tasked with both regaining public confidence as well as returning to profitability, after such incidents and a host of other challenges left the jet maker confronting severe financial setbacks. Last October, Ortberg announced the company would be laying off about 17,000 workers, as well as announcing its stock sale, both aimed at cutting down costs in the midst of a worsening liquidity crisis, AP News reported. The moves came as the company was facing an ongoing strike of 33,000 machinists before reaching an agreement in November. The strike exacerbated already strained cash flow and production challenges. In the wake of the Alaska Airline incident, federal regulators put a cap on the production of Boeing 737s until they felt confident of its manufacturing safety guidelines, AP reported. The Federal Aviation Authority is not yet ready to lift that cap, its acting administrator said in early June according to a Reuters report. In recent months, the jet maker has moved to regain some of its lost ground; for its most recent quarter ending March 31, Boeing narrowed its net loss attributable to shareholders to $37 million in the first quarter, compared to $343 million for the prior year period, according to its earnings report. The company also reported $19.5 billion in revenue, compared to $16.6 billion in the prior year period, according to its earnings results. Boeing also released a 20-year forecast in June anticipating strong continued demand, with its global fleet projected to reach about 50,000 commercial aircraft by 2044, according to company releases. However, the company's safety record has drawn fresh scrutiny after an Air India flight on a London-bound Boeing 787-8 Dreamliner crashed less than a minute after takeoff on June 12, killing at least 270 people, the BBC reported. 'Our deepest condolences go out to the loved ones of the passengers and crew on board Air India Flight 171, as well as everyone affected in Ahmedabad,' CEO Ortberg said in a statement on the flight published by the company at the time. 'I have spoken with Air India Chairman N. Chandrasekaran to offer our full support, and a Boeing team stands ready to support the investigation led by India's Aircraft Accident Investigation Bureau.' 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