Boeing Hires Former Lockheed Martin Finance Chief As New CFO#

Boeing has appointed Jesus “Jay” Malave as its new Chief Financial Officer (CFO) and Executive Vice President, effective August 15, 2025, succeeding Brian West, who will transition to a senior advisory role to CEO Kelly Ortberg. Malave, previously CFO at Lockheed Martin, brings extensive aerospace and defense finance experience as Boeing navigates a critical recovery phase marked by safety and quality challenges in its commercial aviation sector. This leadership change, announced on June 30, 2025, aligns with Boeing’s broader transformation efforts under Ortberg’s leadership. Link

Jesus “Jay” Malave’s Background#

Professional Experience: Malave served as CFO at Lockheed Martin from 2022 until April 2025, overseeing financial reporting, investor relations, and strategic growth. Prior to that, he was Senior Vice President and CFO at L3Harris Technologies for nearly three years and spent over two decades at United Technologies Corporation (UTC), holding roles such as CFO of Carrier Corporation and UTC Aerospace Systems, and finance director at Pratt & Whitney. Link Link
Education: Malave holds a bachelor’s degree in mathematics and a Juris Doctor from the University of Connecticut, and a master’s degree in accounting from the University of Hartford. Link
Role at Boeing: Malave will lead Boeing’s financial strategy, including reporting, long-range business planning, investor relations, treasury, controller and audit operations, and Enterprise Services, such as global real estate and facilities. Link Link

Context of the Leadership Transition#

Brian West’s Tenure: West, Boeing’s CFO since August 2021, managed finances during a turbulent period, including a 21 billion capital raise in 2024 and asset sales worth 10.6 billion to navigate post-COVID recovery and a machinists’ strike. He will remain as a senior advisor to support the CFO transition. Link Link
Boeing’s Challenges: Boeing has faced significant hurdles, including the 737 MAX crashes, costing an estimated 20 billion in compensation and production issues, 787 production pauses due to quality concerns, and certification delays for the 737 MAX 7, 737 MAX 10, and 777X. A 2024 Alaska Airlines 737 MAX 9 door-plug blowout led to an FAA-mandated grounding, further impacting Boeing’s reputation. Link
Strategic Shift: Malave’s appointment is part of a broader leadership overhaul under CEO Kelly Ortberg, who took over in August 2024. Ortberg has emphasized safety and quality, moving away from the cost-cutting and outsourcing strategies of prior leadership influenced by General Electric’s corporate model. Link

Boeing’s Broader Transformation#

Leadership Changes: Since the 737 MAX crisis, Boeing has reshuffled its executive team, with Dennis Muilenburg replaced by David Calhoun in 2020, followed by Ortberg in 2024. Stephanie Pope was appointed president and CEO of Boeing Commercial Airplanes in 2024. Link
Reacquisition of Spirit AeroSystems: Boeing is reacquiring Spirit AeroSystems, a key supplier of 737 fuselages, to bring production in-house, reversing a 2005 spin-off. This move aims to improve quality control amid ongoing commercial aviation challenges. Link
Defense Sector Relevance: Malave’s extensive experience in military aviation finance, including at Lockheed Martin and UTC, is expected to bolster Boeing’s defense business, which has faced costly fixed-price contracts. Analysts from RBC Capital note his expertise could aid the turnaround of Boeing’s defense division. Link

Implications and Outlook#

Analyst Reactions: Aerospace analysts view Malave’s appointment positively, citing his clear communication with investors and broad experience as assets for Boeing’s recovery. Jefferies analysts noted his potential to strengthen investor confidence, while RBC Capital highlighted benefits for Boeing’s defense sector. Link
Challenges Ahead: Boeing faces ongoing operational and regulatory scrutiny, with its commercial aviation division under pressure to resolve quality issues and certification delays. Malave’s financial leadership will be critical in stabilizing finances and supporting Ortberg’s focus on safety and quality. Link Link
Market Response: Boeing shares fell 2.3% on June 30, 2025, reflecting mixed market sentiment amid broader aerospace stock fluctuations. Link

Conclusion#

Boeing’s appointment of Jesus “Jay” Malave as CFO marks a strategic move to leverage his aerospace finance expertise during a pivotal recovery period. With Brian West transitioning to an advisory role, Malave’s leadership will focus on financial stability, investor confidence, and supporting Boeing’s safety and quality initiatives. As Boeing addresses its commercial aviation challenges and strengthens its defense sector, Malave’s role will be crucial in shaping the company’s next chapter.