Boeing CEO says 'trust in our company has eroded,' calls for 'fundamental culture change'

Published On Oct 23, 2024, 11:49 AM

Boeing's CEO, Kelly Ortberg, reported that trust in the company has significantly eroded due to recent performance issues and ongoing regulatory scrutiny. He highlighted the challenges of a labor strike impacting production, a decline in the company's financial health, and the potential downgrade of its credit rating. Ortberg emphasized the need for a fundamental culture change within Boeing and efforts to stabilize operations and enhance accountability. Despite these challenges, he noted positives such as a large backlog of orders totaling about $500 billion and a commitment to restoring the company's reputation.

Read full article

Stock Forecasts

AI prediction results, not representative of any investment advice.

BA View BA chart on TradingView

Negative

Given the ongoing strike, regulatory scrutiny, and eroding trust impacting Boeing's operations and financial outlook, the forecast for Boeing's stock remains negative in the short term. While the company aims to stabilize and implement cultural changes, the immediate pressures may lead to further declines in stock performance.

Related News

Boeing at "crossroads" as strike hits and losses rise

Oct 23, 2024, 10:31 AM

New Boeing boss Kelly Ortberg is wrestling with a damaging worker strike and other crises.

Boeing reports $6B quarterly loss with big union vote looming

Oct 23, 2024, 8:05 AM

Boeing released third quarter earnings on Wednesday morning, closely matching the preliminary figures it released last week. The results highlight the precarious nature the planemaker finds itself, though some relief may be on the horizon with a big labor vote set later today.

Boeing’s New C.E.O. Calls for ‘Culture Change’ as Strike Vote Looms

Oct 23, 2024, 7:40 AM

As Kelly Ortberg presented his strategic vision, more than 33,000 striking employees of the aerospace manufacturer were expected to vote on a new contract.