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Brian West, CFO for four years, will aid Boeing’s transition after steering finances through post-Covid woes, raising $24B and selling assets worth $10.6B. Boeing announced on Monday that it will be replacing its Chief Financial Officer Brian West with Jesus "Jay" Malave, the former finance chief of Lockheed Martin. West will transition into the role of senior advisor to Boeing President and CEO Kelly Ortberg. Malave has also been named as the incoming executive vice president. Both appointments will take effect on August 15.
Boeing announced on Monday that it will be replacing its Chief Financial Officer Brian West with Jesus "Jay" Malave, the former finance chief of Lockheed Martin. West will transition into the role of senior advisor to Boeing President and CEO Kelly Ortberg. Malave has also been named as the incoming executive vice president. Both appointments will take effect on August 15.
According to Bloomberg, this move represents the most high-profile leadership change since Ortberg assumed the CEO position at Boeing last year.
In a statement, the company said: “Boeing today announced a transition in its chief financial officer role. Brian West will become a senior advisor to Boeing President and CEO Kelly Ortberg, and Jesus 'Jay' Malave has been elected as incoming executive vice president and chief financial officer. Both roles are effective August 15.”
West, who has served as CFO for the past four years, will continue supporting the company during the transition period, Boeing said. Known for his long-standing professional relationship with former Boeing CEO Dave Calhoun from their time at General Electric, West oversaw Boeing's finances during a turbulent period marked by supply chain and quality issues post-Covid. He played a crucial role in strengthening the company's cash flow, helping raise $24 billion through a near-record equity sale last year, and followed it up by managing the $10.6 billion sale of Jeppesen and other digital assets.
Ortberg acknowledged West's contributions, saying: "I want to personally thank Brian for his outstanding work navigating our recovery and positioning the company for the future. These past few years have been some of the most consequential in Boeing's history, and Brian 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. I look forward to his continued counsel in his new role."
As CFO, Malave will oversee Boeing's financial strategy, business planning, investor relations, treasury, controller and audit functions, along with Enterprise Services, which includes real estate and facilities. He will report directly to Ortberg and join the Executive Council.
Ortberg expressed confidence in the new appointment, stating: "Jay will become CFO at an important time in helping build Boeing's next chapter as we continue to make progress on our recovery and implement fundamental changes rooted in safety and quality. He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses."
Jesus "Jay" Malave previously served as the Chief Financial Officer of Lockheed Martin and, before that, held the role of senior vice president and CFO at L3Harris Technologies. He also spent over two decades at United Technologies Corporation, where he held key leadership roles, including vice president and CFO of Carrier Corporation (then part of UTC) and vice president and CFO at UTC Aerospace Systems.
Malave holds a bachelor's degree in mathematics from the University of Connecticut, a master's in accounting from the University of Hartford, and a Juris Doctor from the University of Connecticut School of Law.
According to a statement from Lockheed Martin, Malave left the company just days before its April earnings call, informing them he was “pursuing other opportunities.”
At Boeing, Malave will be responsible for overseeing financial strategy, long-term business planning, investor relations, treasury, controller and audit functions, as well as the division managing global real estate. He will report directly to CEO Kelly Ortberg and serve on the company's executive council.
Boeing is a global aerospace company and top US exporter, designs, builds, and supports commercial airplanes, defence systems, and space technologies, serving customers in over 150 countries.
Following the end of regular trading in New York, Boeing's stock rose by 0.3%, recovering from an earlier 2.3% decline. The stock is up 18% so far this year.
In latest developments, Boeing CEO Kelly Ortberg cancelled his scheduled appearance at the Paris Air Show – one of the aviation industry's key global events – to focus on the ongoing investigation into the recent Air India Dreamliner crash that happened on June 12. The tragic incident has reignited concerns around Boeing's aircraft safety and quality, even as the company had been rebuilding its reputation under Ortberg's leadership.
The crash occurred when a London-bound Air India 787 Dreamliner crashed into a residential neighbourhood in Gujarat's Ahmedabad shortly after takeoff, resulting in the deaths of at least 260 people, including those on board and on the ground.
This marks the first fatal crash involving Boeing's 787 Dreamliner, the company's flagship aircraft for long-haul flights.
Source: HindustanTimes
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