Aircraft manufacturer Boeing (BA) has picked former Collins Aerospace CEO Robert Kelly Ortberg to succeed Boeing chief executive Dave Calhoun. Wall Street is already expecting Ortberg's track record and leadership within the industry to be a welcomed change for Boeing, which has been plagued by controversy and federal investigations after a mid-flight incident on one of its 737 Max jets in January.
Ortberg is scheduled to begin his new position on Thursday, August 8. Boeing also reported wider-than-expected profit losses in its second quarter earnings results.
BofA Securities senior aerospace and defense analyst Ron Epstein elaborates on Ortberg's background at Rockwell Collins and Collins Aerospace — a subsidiary of RTX Corporation (RTX) after merging with United Technologies — and what he represents for a turnaround in Boeing's financials.
"The choice of Kelly, I think is actually a very good, very good choice. He was the CEO of Rockwell Collins. He was there for his his entire career, grew up in both sides of the business, knows the defense business quite well, knows the commercial aerospace business quite well, and then ultimately sold the company to United Technologies," Epstein tells Market Domination. "And then, after United Technologies merged with Raytheon, he was a special advisor to Greg Hayes, who was the CEO of Raytheon or RTX today. So he's a very capable person. He's an outsider from from Boeing."
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