Latest news with #LockheedMartin
Yahoo
4 hours ago
- 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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NDTV
11 hours ago
- NDTV
Grounded For Days, British F-35 Fighter Jet Gets Kerala's "Thank You" Note
Thiruvananthapuram: The British F-35B Lightning II fighter jet, which made an emergency landing on June 14 at Thiruvananthapuram International Airport due to adverse weather conditions, has now become a part of a Kerala Tourism campaign. In a post on X, Kerala Tourism shared a message: "Kerala, the destination you will never want to leave. Thank you, The Fauxy." The post featured a spoof "review" attributed to the UK jet, "Kerala is such an amazing place, I don't want to leave. Definitely recommend." Kerala, the destination you'll never want to leave. Thank you, The Fauxy. #F35 #Trivandrum #KeralaTourism — Kerala Tourism (@KeralaTourism) July 2, 2025 The fifth-generation supersonic stealth fighter, valued at over $110 million and developed by Lockheed Martin, was participating in joint maritime exercises with the Indian Navy as part of the UK's HMS Prince of Wales Carrier Strike Group when it was diverted to Kerala. The aircraft was expected to take off after refuelling, but developed an engineering issue on the ground. Since then, it has remained stationed at Bay No. 4 of the airport. Initially, sources told NDTV the British Navy declined an offer from Air India to park the jet in a hangar due to concerns about exposing the jet's protected technologies. Two weeks later, the UK government agreed to move the jet to the Maintenance, Repair and Overhaul (MRO) facility at the airport. The Indian Air Force has been assisting with logistical support for the "rectification and subsequent return" of the aircraft. All details regarding the repair, maintenance timeline, and communications between Indian and British authorities are being kept confidential. On Friday, a spokesperson for the British High Commission said the aircraft will be shifted to the airport hangar once engineering teams from the UK arrive with specialist equipment. Sources close to the UK government have said that the aircraft will return to active service after necessary repairs and safety checks. Flight tracking data related to the emergency landing has since been removed from public platforms.
Business Insider
20 hours ago
- Business
- Business Insider
Lockheed Martin awarded $2.97B Missile Defense Agency contract
Lockheed Martin (LMT) was awarded a sole-source, 10-year indefinite-delivery/indefinite-quantity contract with a ceiling of $2,97B. Under this follow-on contract, LM RMS will provide continuation of the Aegis Ballistic Missile Defense Combat Systems Engineering Agent in order to maintain operational relevancy in support of the Missile Defense System. The Aegis BMD CSEA is the responsible Aegis BMD Weapon System design, development, integration, sustainment, and computer program source for Aegis cruisers, guided-missile destroyers, Aegis ashore variants, Aegis Guam System, and Glide Phase Intercept. LM RMS will provide execution of future studies, concepts, and computer program development to achieve capability improvements across all phases of the fire control loop (plan, detect, control, engage, and assess) in accordance with government provided interface requirements that can be delivered to the CSEA or other government designated agents for integration into the Common Source Library, and/or Integrated Combat Systems software architecture The anticipated period of performance is July 2025 to June 2035. Research, development, test and evaluation; defense wide procurement; and operations and maintenance funds, will be utilized to execute the proposed scope. The work will be performed in Moorestown, New Jersey. The Missile Defense Agency is the contracting activity. Don't Miss TipRanks' Half-Year Sale
AsiaOne
20 hours ago
- Politics
- AsiaOne
'Lucrative' business deals help sustain Israel's Gaza campaign, UN expert says, World News
GENEVA — A UN expert has named over 60 companies, including major arms manufacturers and technology firms, in a report alleging their involvement in supporting Israeli settlements and military actions in Gaza, which she called a "genocidal campaign." Italian human rights lawyer Francesca Albanese, UN Special Rapporteur on the Occupied Palestinian Territories, compiled the report based on over 200 submissions from states, human rights defenders, companies, and academics. The report, published late Monday (June 30), calls for companies to cease dealings with Israel and for legal accountability for executives implicated in alleged violations of international law. "While life in Gaza is being obliterated and the West Bank is under escalating assault, this report shows why Israel's genocide continues: because it is lucrative for many," Albanese wrote in the 27-page document. She accused corporate entities of being "financially bound to Israel's apartheid and militarism." Israel's mission in Geneva said the report was "legally groundless, defamatory and a flagrant abuse of her office". The Israeli prime minister's office and the foreign office did not immediately return requests for comment. The US mission to the United Nations in New York called on UN Secretary-General Antonio Guterres to condemn Albanese and call for her removal, adding that "the lack of such action to date has enabled Ms Albanese to pursue her campaign of economic warfare targeting entities across the world." Israel has rejected accusations of genocide in Gaza, citing its right to self-defence following the October 7, 2023, Hamas attack that killed 1,200 people and resulted in 251 hostages, according to Israeli figures. The subsequent war in Gaza has killed more than 56,000 people, according to the Gaza Health Ministry, and reduced the enclave to rubble. Arms firms named in report The report groups the companies by sector, for example military or technology, and does not always make clear if they are linked to settlements or the Gaza campaign. It said around 15 companies responded directly to Albanese's office but did not publish their replies. It names arms firms such as Lockheed Martin and Leonardo, alleging their weaponry has been used in Gaza. It also lists heavy machinery suppliers Caterpillar Inc and HD Hyundai, claiming their equipment has contributed to property destruction in Palestinian territories. "Foreign military sales are government-to-government transactions. Discussions about those sales are best addressed by the US government," said a spokesperson for Lockheed Martin. None of the other companies immediately responded to Reuters' requests for comment. Caterpillar has previously stated it expects its products to be used in line with international humanitarian law. Technology giants Alphabet, Amazon, Microsoft, and IBM were named as "central to Israel's surveillance apparatus and the ongoing Gaza destruction." Alphabet has previously defended its US$1.2 billion (S$1.52 billion) cloud services contract with the Israeli government, stating it is not directed at military or intelligence operations. Palantir Technologies was also mentioned for providing AI tools to the Israeli military, though specifics on their use were not included. The report expands on a previous UN database of firms linked to Israeli settlements, last updated in June 2023, adding new companies and detailing alleged ties to the ongoing Gaza conflict. It will be presented to the 47-member UN Human Rights Council on Thursday. Although the Council lacks legally binding powers, cases documented by UN investigations have occasionally informed international prosecutions. Israel and the United States disengaged from the Council earlier this year, citing bias against Israel. [[nid:719719]]
Yahoo
a day ago
- Science
- Yahoo
This supermassive black hole is eating way too quickly — and 'burping' at near-light speeds
When you buy through links on our articles, Future and its syndication partners may earn a commission. Astronomers have witnessed a distant supermassive black hole devouring its surrounding matter so rapidly that it is "burping" out excess mass at nearly a third of the speed of light. The discovery was made when researchers studied the supermassive-black-hole-powered Active Galactic Nucleus (AGN) of a Seyfert galaxy located about 1.2 billion light-years away. The black hole, designated PG1211+143, has a mass around 40 million times that of the sun and powers a bright quasar. This made it a prime target for astronomers seeking to understand how supermassive black holes grow by feeding on, or "accreting," matter. The team examined the black hole using the European Space Agency (ESA) X-ray spacecraft XMM-Newton, finding an influx of matter equivalent to the mass of 10 Earths flowing to the object over a period of just five weeks. The matter falling around the black hole settles into a flattened cloud of gas and dust called an accretion disk, from which material is fed to the central black hole. But even this monstrous black hole can't stomach so much matter, leading to some serious indigestion in the form of outflows travelling at around 0.27 times the speed of light. That's about 181 million miles per hour, or 100,000 times the top speed of a Lockheed Martin F-16 jet fighter. These outflows followed the black hole's inflow of matter with a delay of a few days, heating matter around the AGN to temperatures of several million degrees. This generated radiation pressure that pushed excess matter away from the central region of PG1211+143. Because stars form in galaxies from excesses of cold, dense gas, these high-speed outflows could be starving PG1211+143's surrounding space of the building blocks for new stars, both by heating gas and dust and by pushing that material away. That means studying these high-speed outflows from this black hole could help scientists to discover how black hole eruptions transform galaxies from hubs of star birth to a more quiescent existence. Related Stories: — Scientist image 3-million-light-year-long 'cosmic web' ensnaring 2 galaxies for 1st time — 'Superhighways' connecting the cosmic web could unlock secrets about dark matter — How does the Cosmic Web connect Taylor Swift and the last line of your 'celestial address?'years "Establishing the direct causal link between massive, transient inflow and the resulting outflow offers the fascinating prospect of watching a supermassive black hole grow by regular monitoring of the hot, relativistic winds associated with the accretion of new matter," team leader Ken Pounds from the University of Leicester said in a team's research was published on June 10 in the journal Monthly Notices of the Royal Astronomical Society (MNRAS)
