Boeing CEO tells employees aviation giant can't afford another mistake

seekingalpha11-21 07:21

sanfel/iStock Editorial via Getty Images Boeing (NYSE:BA) Chief Executive Kelly Ortberg on Wednesday told employees the aviation giant has serious problems with its culture, and that it can't afford ...

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Ortberg pointed to bloated management, wasteful spending along with a culture of infighting and avoiding responsibility in an hour-long, companywide meeting. He joined the company in August, tasked with the major project of fixing the troubled planemaker.  \"We spend more time arguing amongst ourselves than thinking about how we're going to beat Airbus (OTCPK:EADSY) (OTCPK:EADSF),\" Ortberg said at the meeting. \"Everybody is tired of the drumbeat of what's wrong with Boeing (BA). I'm tired of it and I haven't been here that long.\" The company is burning through billions of dollars and can't turn to investors for more cash, he said. Boeing (BA) this month sold $24 billion of new shares to shore up its cash reserves. Boeing (BA) won't see positive cash flow until it increases produciont of the best-selling 737 to 38 planes a month, he said. That target initially was set for the end of last year. Boeing (BA) lacks the funds to launch a new plane program, but it doesn't need one imminently, he said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Executive Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485108268"}