Why Boeing’s new CFO Jay Malave is ‘important’ to a turnaround

Brian West, Boeing’s CFO for the past four years, is stepping down and will become a senior advisor to President and CEO Kelly Ortberg, the Fortune 500 company announced on Monday. Jesus “Jay” Malave has been appointed EVP and chief financial officer, effective Aug. 15.

Malave will lead Boeing’s finance organization, as well as strategy, business planning, and global real estate, and will serve on the company’s executive council. He was most recently CFO of Lockheed Martin and previously held senior finance roles at L3Harris Technologies. Malave spent more than 20 years at United Technologies (UTC), including serving as CFO of Carrier Corporation when it was a UTC division.

West, Malave’s predecessor, was appointed by former CEO Dave Calhoun in 2021. Both Calhoun and West are General Electric alumni. Calhoun, who pledged in March 2024 to retire by year-end following the widely publicized door-plug blowout over Portland, Oregon, on Jan. 5, 2024, was succeeded by Ortberg, who began his tenure on Aug. 8, 2024.

In selecting a new CEO, Boeing’s board was determined to appoint an outsider like Ortberg who could reform its culture and refocus on quality and reliability in manufacturing, Fortune reported. The board also sought a leader with a long-term vision, including plans for a long-overdue next-generation aircraft to strengthen Boeing’s position against Airbus in the narrow-body market.

Both Ortberg and Malave worked at UTC during their careers and are now strategic partners. “Jay will become CFO at an important time in helping build Boeing’s next chapter,” Ortberg said in a statement. The company continues to make progress on its recovery and implementing fundamental changes rooted in safety and quality, he added.

Any chief executive or finance chief would say that “a strong CEO-CFO relationship is critical” to successful execution—whether the strategy is turnaround, growth, or something in between, Scott Simmons, co-managing partner at executive search firm Crist Kolder Associates told Fortune. “There must be trust and respect between those two positions to make it all work,” Simmons noted.

Malave brings decades of experience developing people and teams across complex aerospace and manufacturing businesses, according to Ortberg.

Regarding Boeing’s challenges, “I’m certain the board empowered Ortberg to ‘fix it’ and provided him with a very long leash,” Simmons said. The most important element Malave brings, beyond his track record at large, complex aerospace companies, is the ability to establish instant trust with Ortberg, he said. “This will allow them to hit the ground running,” he said.

Fitch Ratings announced on Monday that it has revised its outlook for Boeing from “negative” to “stable.” The change reflects improved post-strike production, greater financial flexibility—including the April agreement to sell its Jeppesen navigation and digital aviation business and related assets to Thoma Bravo for $10.55 billion in cash—and reduced downgrade risks, supporting the company’s ‘BBB-‘ rating. The stable outlook also factors in Fitch’s expectation of gross debt reduction, including repayment of all 2026 notes at maturity ($7.95 billion).

Malave and Ortberg will need to continue working to maintain positive momentum.