Boeing CFO Brian West to Step Down: 'Right Time to Pass the Baton'

• "Right time to pass baton," says Boeing CFO Brian West as he plans mid-August departure.
• Jesus "Jay" Malave from Lockheed Martin named new Boeing CFO effective August 15 West becomes advisor.

Boeing Co. announced that Chief Financial Officer Brian West, who helped orchestrate one of the largest capital raises in US corporate history last year to stabilize the crisis-hit planemaker, is stepping down.

West will step down in mid-August and be succeeded by Jesus "Jay" Malave, a former Lockheed Martin Corp. executive. West will continue to advise Chief Executive Officer Kelly Ortberg, according to a Boeing statement released on Monday.

The company announced that both changes will take effect on August 15.

The leadership change is the most visible personnel change since Ortberg took over the planemaker's top position last year. West assisted Ortberg in navigating a capital squeeze and avoiding a possible ratings downgrade to junk status, which was caused by a crippling strike last year and a sharp slowdown in output following a near-catastrophic accident.

"I just felt it was the right time to pass the baton," West explained in an interview. "The balance sheet is much stronger, operating performance is better, outlook is very encouraging."

Boeing shares rose 0.3% after the regular trading session ended in New York, reversing a 2.3% loss the previous day. So far this year, the stock is up 18%.

West, a longtime associate of former Boeing CEO Dave Calhoun at General Electric, oversaw the company's finances as it dealt with post-Covid supplier and quality setbacks.

West was instrumental in increasing Boeing's cash reserves last year through a $24 billion equity sale, a near-record for a publicly traded company. He added to his fortune this year by supervising the $10.6 billion auction of the Jeppesen unit and other digital assets.

Boeing has raised more than $44 billion in debt and equity to strengthen its balance sheet since a near-disaster on an airborne 737 Max in early 2024, which prompted federal investigations and a leadership change. The company has begun ramping up production in its factories under the close supervision of US regulators, which is an important step toward generating positive cash flow and, eventually, profits.

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Ortberg and Malave worked together briefly late last decade at United Technologies Corp., the aerospace company that is now RTX Corp. Ortberg oversaw Collins Aerospace, while Malave was vice president and chief financial officer of the Carrier division.

Malave's subsequent stints at L3Harris and Lockheed earned him analyst support, and he was considered a strong candidate for the Boeing CFO position once West stepped down. Malave left Lockheed Martin just days before the company's April earnings call, stating that he was "pursuing other opportunities," according to a defense company statement.

Malave's responsibilities will include overseeing Boeing's financial strategy, long-term business planning, investor relations, treasury, controller, and audit operations, as well as the unit in charge of the company's global real estate assets. He will report to Ortberg and join the company's executive council.

"We're on a nice, steady, predictable path towards recovery, while not pushing too hard," West pointed out. "It's turned out a little bit better than we even expected."