Get the latest tech news

Boeing CEO says the company must fundamentally change

Boeing reported huge quarterly losses Wednesday, as new CEO Kelly Ortberg conceded “it will take time to return Boeing to its former legacy.”

“Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution,” said Ortberg, who took over control of the embattled aircraft maker in August, a month before the start of a strike by 33,000 members of the International Association of Machinists. Boeing reported a $2.4 billion operating loss in its space and defense business, which is not affected by the strike. It has announced plans to raise another $25 billion through borrowing from major banks and the sale of stock and debt on Wall Street.

Get the Android app