In another change to its executive ranks, Boeing has hired a new chief financial officer to lead strategy, business planning and global real estate, the company said Monday.

Jesus “Jay” Malave, the former chief financial officer at defense contractor Lockheed Martin, will replace Brian West, the CFO appointed by Boeing’s former chief executive Dave Calhoun in 2021.

Malave will start Aug. 15 and is expected to live in Seattle, according to a Boeing spokesperson. West, who was not based in Seattle, will remain as an adviser to Boeing’s current CEO Kelly Ortberg.

In a statement, Ortberg thanked West for his “outstanding work navigating our recovery and positioning the company for the future.” He pointed specifically to a $21 billion capital raise last year that allowed the company to stay afloat amid a strike that halted work at its Puget Sound factories.

The October stock sale gave Boeing an infusion of cash that helped the company avoid a credit rating downgrade to junk status, which would have made it harder for Boeing to borrow money. In April, Boeing secured another financial boost when it agreed to sell its flight navigation unit and other digital assets to private equity firm Thoma Bravo for $10.6 billion.

In a sign that Boeing has come a long way since it risked a credit rating downgrade, rating agency Fitch Ratings said Monday it had upgraded Boeing’s status from negative to stable, citing “post-strike production” improvements and “enhanced financial flexibility.”

Malave, meanwhile, “will become CFO at an important time in helping build Boeing’s next chapter,” Ortberg said. “He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses.”

Malave’s hiring signals yet another shift away from Boeing’s previous generation of leadership, which for years had emulated the Jack Welch-style at General Electric. That ethos prioritized protecting the company’s financials and stock price, sometimes at the expense of quality and safety, according to some Boeing critics.

Before Ortberg took over as CEO in August, Boeing’s last two chief executives, Jim McNerney and Dave Calhoun, both worked at GE. West also spent 16 years at the company, which produces engines for Boeing jets, where he was chief financial officer of GE Aviation and GE Engine Services.

In this new generation of Boeing leadership, Ortberg and Malave both previously worked at United Technologies Corp., a supplier that is now part of the conglomerate RTX.

RTX is made up of three companies: engine maker Pratt & Whitney, and suppliers Raytheon and Collins Aerospace. Ortberg was CEO of Collins before it was acquired by United Technologies.

Malave spent 20 years at United Technologies and previously worked as chief financial officer at another defense contractor L3Harris. He was CFO at Lockheed Martin from January 2022 until April, when he unexpectedly stepped down without announcing his next steps.

Boeing has continued to shake up its leadership ranks after a harrowing safety incident in January 2024, when a panel flew off an Alaska Airlines 737 MAX 9 midflight. The plane landed safely, with passengers reporting minor injuries, but the incident rattled Boeing and has led the company to embark on an effort to change its culture and manufacturing practices.

Calhoun and Boeing’s head of commercial airplanes Stan Deal stepped down shortly after the Alaska Airlines incident. Board Chairman Lawrence Kellner, a former Continental Airlines chief, also said he wouldn’t stand for reelection.

In September, Boeing ousted Ted Colbert, the head of its defense and space division.

Boeing named Stephanie Pope, the former chief operating officer, to take over as head of commercial airplanes. Steve Parker is serving as the interim executive for defense and space.

Aerospace analysts weren't surprised at the change in ranks under Boeing’s new CEO and welcomed Malave’s appointment. Analysts from Jefferies wrote in a note to investors Monday that Malave’s “broad experience and clear communications with investors is likely an asset” as Boeing continues on its path to recovery following the Alaska Airlines panel blowout.

RBC Capital said the new CFO could especially “help the turnaround story” for Boeing’s defense business, which has been hampered by costly fixed-price contracts.

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