Boeing appoints former Lockheed executive Jay Malave as CFO

Boeing has named Jesus “Jay” Malave, a former Lockheed Martin executive, as its new chief financial officer (CFO), marking the most high-profile leadership change under CEO Kelly Ortberg’s tenure. Malave will take over from current CFO Brian West on August 15, the company announced on June 30. West, who has served as CFO since 2021, will transition into a senior advisory role, supporting the leadership handover and continuing to assist Boeing CEO Kelly Ortberg. The move comes as Boeing faces ongoing scrutiny over safety issues and attempts to regain investor and public confidence after several high-profile crises.

“This is the right time to pass the baton,” West said, noting that Boeing’s balance sheet is now stronger, operating performance has improved, and the outlook is encouraging. He is widely credited with steering Boeing through one of the most turbulent financial periods in its history, including a $24 billion equity raise in 2024, one of the largest in US corporate history, and a $10.6 billion divestment of digital assets like Jeppesen.

Crisis management and financial turnaround

West’s tenure was marked by financial strain due to prolonged delivery delays, supply chain issues, and fallout from the 737 Max and Dreamliner safety concerns. Most recently, the company has come under renewed global scrutiny following the deadly crash of a Boeing 787-8 Dreamliner in India last month, which killed over 270 people, including casualties on the ground. The cause of the crash remains under investigation.

CEO Kelly Ortberg, who took the helm in August 2024, said Malave’s appointment comes at a crucial time as Boeing implements “fundamental changes rooted in safety and quality”. Ortberg has been leading Boeing’s multiyear turnaround strategy to stabilise production, improve quality control, and rebuild its tarnished reputation.

Malave brings deep experience from senior financial roles at Lockheed Martin, L3Harris Technologies, and United Technologies. He will be responsible for overseeing Boeing’s financial strategy, long-range planning, investor relations, and internal controls, as well as enterprise services, which include global facilities and real estate.

While Boeing shares were initially down, they ended the day slightly higher in after-hours trading, reflecting cautious optimism from investors. The stock is up 18 per cent so far in 2025.