Robert \u201cKelly\u201d Ortberg, a former CEO at Boeing<\/a> supplier Rockwell Collins, will succeed David Calhoun as CEO and president effective Aug. 8, the company said. Calhoun\u00a0announced in March<\/a>\u00a0that he would retire at the end of the year, and analysts generally praised the quicker transition.<\/p>\n Boeing named its new CEO as it reported a loss of more than $1.4 billion on falling revenue during the second quarter. The loss was wider and revenue lower than Wall Street expected, as both Boeing\u2019s commercial-airplanes business and defense unit lost money.<\/p>\n The disappointing results come at a tumultuous time for Boeing. The company\u00a0agreed to plead guilty<\/a>\u00a0this month to a federal fraud charge in connection with its\u00a0737 Max jetliner<\/a>\u00a0and two crashes that killed 346 people. The Federal Aviation Administration increased its oversight of the company after the\u00a0blowout of a panel<\/a>\u00a0on an Alaska Airlines jet raised manufacturing quality concerns.<\/p>\n Boeing Chairman Steven Mollenkopf said Ortberg was chosen after a \u201cthorough and extensive search process\u201d and \u201chas the right skills and experience to lead Boeing in its next chapter.\u201d Ortberg has earned a reputation for running complex engineering and manufacturing companies, Mollenkopf said.<\/p>\n The company waived the mandatory retirement age of 65 for Ortberg, a spokesperson said. Boeing did the same\u00a0for Calhoun<\/a>\u00a0days after he turned 64 in 2021.<\/p>\n Ortberg emerged as a leading candidate only recently. Others who were reportedly considered for the job included Patrick Shanahan, a former Boeing executive and now CEO of its most important supplier, Spirit AeroSystems, and another longtime Boeing executive, Stephanie Pope, who recently took over the commercial airplanes division.<\/p>\n Ortberg led Rockwell Collins from 2013 to 2018, when it merged with United Technologies and wound up as part of RTX<\/a>, the company formerly known as Raytheon<\/a>. He retired from RTX in 2021.<\/p>\n Richard Aboulafia, a longtime aerospace analyst and consultant and recently a harsh critic of the company, said the hire is great news for Boeing.<\/p>\n \u201cHe is a deeply respected leader in the aerospace industry, and brings more hope for a better future than the company has enjoyed in decades,\u201d Aboulafia said.<\/p>\n Daniel Acker\/Bloomberg\u2014Getty Images<\/p>\n<\/div>\n Deutsche Bank<\/a> analyst Scott Deuschle said Ortberg \u201chas an engineering background, experience in the aviation industry, and experience as a public company CEO.\u201d<\/p>\n In a statement issued by Boeing, Ortberg said, \u201cThere is much work to be done, and I\u2019m looking forward to getting started.\u201d<\/p>\n Calhoun will serve as a special adviser to the Boeing board until next March.<\/p>\n Like Calhoun, who\u00a0took over as CEO<\/a>\u00a0in the wake of the two Max crashes, Ortberg will inherit the leadership of a company facing ongoing crises and criticism from inside and outside the company. Boeing has lost more than $25 billion since the start of 2019.<\/p>\n Boeing, based in Arlington, Virginia, is pushing back against\u00a0whistleblower allegations<\/a>\u00a0of manufacturing shortcuts that crimp on safety. It is dealing with supply-chain problems that are hindering production, which it hopes to fix in part by\u00a0re-acquiring Spirit AeroSystems<\/a>, a key contractor. It faces a threatened strike this fall by its largest union, the International Association of Machinists.<\/p>\n The company is still trying to persuade regulators to approve two new models of the Max and a bigger version of its two-aisle\u00a0777 jetliner<\/a>. And it faces a multi-billion-dollar decision on when to design a new single-aisle plane to replace the Max.<\/p>\n The quarterly earnings reported Wednesday reflect the continuing challenges at Boeing. The company reported a loss of $1.44 billion for the second quarter, compared with a loss of $149 million a year earlier.<\/p>\n Excluding special items, the loss worked out to $2.90 per share. Analysts expected a loss of $1.90 per share, according to a FactSet survey.<\/p>\n Revenue dropped 15%, to $16.87 billion, falling short of Wall Street\u2019s average forecast of $17.35 billion.<\/p>\n The commercial-airplanes division had an operating loss of $715 million and revenue plunged 32% as Boeing delivered fewer passenger jets to airlines \u2014 92 planes, compared with 136 a year earlier.<\/p>\n The FAA has limited Boeing\u2019s production of Max jetliners since shortly after the Alaska Airlines incident, but Boeing hasn\u2019t even hit the FAA limits as it seeks to fix its manufacturing process. The company said Wednesday that it is sticking with its plans to boost production of the Max to 38 per month by year end.<\/p>\n Boeing took a charge of $244 million to cover a fine that it would pay as part of an\u00a0agreement with the Justice Department<\/a>\u00a0to plead guilty to fraud in connection with development of the Max. A federal judge in Texas will soon consider whether to approve the deal, which is opposed by many families of those who died in the two Max crashes.<\/p>\n Boeing\u2019s defense and space unit lost $913 million because of $1 billion in setbacks to four fixed-price government contracts, including a deal to build two new Air Force One presidential jets. The smaller services business earned $870 million.<\/p>\n Boeing shares rose 2% in morning trading.<\/p>\n<\/div>\n![\"Robert](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/07\/GettyImages-609573624-e1722438679854.jpg?w=1440&q=75\"\/)