Boeing CFO transition has officially begun with the company announcing that Brian West will step down from his role this August. Jay Malave, the former finance chief of Lockheed Martin, will take over as Boeing’s new Chief Financial Officer and Executive Vice President starting August 15. West, who led the company’s financial operations for four years, will stay on as a senior advisor to President and CEO Kelly Ortberg during the handover period.
During West’s tenure, Boeing recovered from pandemic-era supply chain setbacks and quality issues. He helped raise $24 billion through one of the largest equity sales in Boeing’s history and led the $10.6 billion sale of digital aviation assets, including Jeppesen.
CEO Ortberg praised West’s work, saying, “These past few years have been some of the most consequential in Boeing’s history, and Brian successfully guided us through last year’s historic capital raise.” Ortberg added that West would continue to provide guidance in his new advisory role.
Jay Malave Takes the Helm
Jay Malave, who previously served as CFO at Lockheed Martin, L3Harris Technologies, and UTC Aerospace Systems, joins Boeing as the new CFO. He has more than 20 years of experience leading the finance industry and holds degrees in law, accounting, and mathematics.
At Boeing, he will lead financial strategy, investor relations, treasury, auditing, and global real estate. Malave will report directly to Ortberg and join the Executive Council. Ortberg called Malave a “well-respected leader” who will help shape Boeing’s future. “Jay will become CFO at an important time in helping build Boeing’s next chapter as we continue to make progress on our recovery,” he said.
Malave’s arrival comes as Boeing grapples with renewed scrutiny over safety, especially after the recent Air India Dreamliner crash in June, which left 260 dead and raised concerns about aircraft quality.
Boeing Faces Turbulence
The Boeing CFO transition also happens during a turbulent time. CEO Ortberg recently skipped the Paris Air Show to focus on the investigation into the Air India crash. Despite these challenges, Boeing’s stock is up 18% this year and rose slightly after the CFO news broke.
