On the same day that Boeing reported $1.4 billion in losses for the second quarter of the year, the beleaguered planemaker has named Robert "Kelly" Ortberg as its new CEO. 

Ortberg's appointment will take effect on August 8, CNN reports. He will replace retiring CEO Dave Calhoun, who took over the role in 2020, and oversaw the company during months of controversy that started with the blowout of a door plug aboard a 737 Max 9 in January. Boeing said in March that Calhoun would step down by year’s end, part of a broader company shake-up that also included the departure of its then-chairman and the replacement of the head of its commercial aircraft unit.

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“I’m extremely honored and humbled to join this iconic company,” Ortberg said in a written release from the company. “Boeing has a tremendous and rich history as a leader and pioneer in our industry, and I’m committed to working together with the more than 170,000 dedicated employees of the company to continue that tradition, with safety and quality at the forefront.”

Ortberg — who previously served as the CEO of avionics supplier Rockwell Collins for eight years — also noted that "there is much work to be done," as Boeing faces a steep uphill climb to get back into the good graces of federal regulators and fliers alike. The company has not logged a profitable year since 2019, racking up combined $33.3 billion in losses in the years that have followed. The planemaker's 2024 Q2 losses also tripled from the same period in the previous year. 

Boeing pleaded guilty to defrauding the Federal Aviation Administration in July, after federal prosecutors found that the company had violated a 2021 plea agreement stemming from a pair of fatal 737 Max crashes in 2018 and 2019. In exchange for a guilty plea, Boeing agreed to pay a $243.6 million fine, and invest at least $455 million over the next three years to shore up its safety and compliance measures.