Boeing recorded a larger-than-expected loss in the second quarter. The leadership change at Boeing BA 2.82%increase; green up pointing triangle bodes well for the radical transformation that the plane maker requires. But outflying a troubled culture and growing debt pile will be tough.

On Wednesday, the Arlington, Va.-based manufacturer said Robert “Kelly” Ortberg will on Aug. 8 become its next chief executive and president, succeeding Dave Calhoun, who has served both roles since January 2020.

The stock rose in early trading as investors decided this news was enough to offset disappointing second-quarter results. A $1.4 billion net loss, compared with expectations of $913 million, was the result of Boeing’s building fewer commercial aircraft—quality issues slowed deliveries of the MAX, while supplier shortages affected the 787 Dreamliner—as well as losses in its defense programs.

Excerpt from WSJ
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