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☆ Boeing is looking for a $19 billion boost
▼ + stars: | 2024-10-28 | by ( Aditi Bharade | Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing is looking to raise nearly $19 billion to combat its lack of cash. It comes after Boeing reported a net loss of $6.1 billion in the third quarter. AdvertisementBoeing needs cash, and it's trying to raise almost $19 billion as the company looks to boost its liquidity. The planemaker announced Monday that it is offering 90 million common shares and about $5 billion of depositary shares for sale. Last Wednesday, Boeing reported a net loss of $6.1 billion in its third-quarter earnings.

Persons: —, Goldman Sachs, Max, Dave Calhoun, Ron Epstein Organizations: Boeing, Alaska Airlines, Service, planemaker, Bank of America, Citibank, JPMorgan Chase, Alaska Airlines Boeing

☆ Boeing is raising $10 billion from 4 major banks — and could sell another $25 billion in securities
▼ + stars: | 2024-10-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing said it has entered a $10 billion credit agreement with four banks, it said in a filing Tuesday. In a separate filing, the planemaker said may also sell up to $25 billion in securities. AdvertisementBoeing plans to raise up to $35 billion to help steady its finances as a machinists' strike enters its fifth week. In a Tuesday regulatory filing, the planemaker said it had entered a $10 billion credit agreement with Bank of America, Citibank, Goldman Sachs, and JPMorgan Chase. Boeing also filed a prospectus stating that it may sell up to $25 billion in securities, including bonds, new shares, and stock options.

Persons: planemaker, —, Goldman Sachs, Ron Epstein, Julie Su, Sir Tim Clark, Max midflight, Dave Calhoun, Kelly Ortberg, Starliner Organizations: Boeing, Service, Bank of America, Citibank, JPMorgan Chase, Business, CNN, Anderson Economic Group, Labor, Emirates, Alaska Airlines, Space, NASA, SpaceX Locations: Seattle

☆ U.S. Senate committee faults Boeing safety practices, FAA oversight
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +3 min

Boeing CEO Dave Calhoun testifies before a subcommittee of the Senate Energy and National Resources Committee on the company's safety culture, following a number of recent incidents on Boeing airplanes, Washington, DC, June 18, 2024. A U.S. Senate panel investigating Boeing 's safety culture on Wednesday faulted the planemaker's quality practices and oversight by the Federal Aviation Administration citing documents obtained in an ongoing investigation. The Senate Permanent Subcommittee on Investigations, which is holding a hearing Wednesday with FAA Administrator Mike Whitaker, said Boeing workers continue to feel pressure to prioritize speed of production over quality. Boeing said it has "taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus." The FAA did not comment but Whitaker said at a House hearing Tuesday that Boeing needed to undertake significant safety culture improvements that might not be completed for years.

Persons: Dave Calhoun, Mike Whitaker, Whitaker, Whitaker's Organizations: Senate Energy, National Resources Committee, Boeing, U.S, Senate, Federal Aviation Administration, Investigations, Democratic, FAA, Alaska Airlines, Justice Department, DOJ Locations: Washington, DC

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ Boeing reaches deal with union to avoid strike
▼ + stars: | 2024-09-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Boeing and the Machinists union, which represents 33,000 of its employees on the West Coast, have reached a tentative deal that could avoid a strike that had been set to start this Friday. Before it will take effect, the deal would need the approval of the rank-and-file union members who build commercial jets. But leadership of the union praised the tentative deal and said it achieved the union’s goals. The deal represents Boeing’s biggest pay raise for union members. The deal also includes increased job security for union members with a promise to build the next new airplane at one of the union-represented plants in the Puget Sound region.

Persons: “, “ We’ve, ” Stephanie Pope, Max, ” Jon Holden, Brandon Bryant, Dave Calhoun, ” Calhoun, “ We’re, we’re, ”, Kelly Ortberg Organizations: New, New York CNN, Boeing, International Association of Machinists, Aerospace Workers, Boeing’s, Puget, Boeing Boeing, Alaska Airlines, UPS, General Motors, Ford, Union, ” Company Locations: New York, West Coast, South Carolina, Seattle, Portland , Oregon

☆ Boeing's new outsider CEO Ortberg takes the helm, this time from the factory floor
▼ + stars: | 2024-08-08 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +8 min

Aerospace veteran Robert “Kelly” Ortberg becomes Boeing’s new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon. Boeing's new CEO, Robert "Kelly" Ortberg. Ortberg’s Day 1 activity is walking the floor of Boeing’s factory in Renton, Washington, where it builds its bestselling but problematic 737 Max. The airline’s CEO hinted at the big feat Ortberg has ahead of him. “We look forward to working with Kelly Ortberg in his efforts to return Boeing to its place as the leading American aerospace company,” CEO Bob Jordan said in a written statement.

Persons: Robert “ Kelly ” Ortberg, Robert " Kelly, Ortberg, ”, Rockwell Collins, Richard Aboulafia, ” Ortberg, Boeing’s, Butch Wilmore, Suni Williams, Ron Epstein, “, isn’t, ” Jon Holden, Dave Calhoun, Calhoun, Dennis Muilenburg, Max, Chicago —, Kelly Ortberg, Bob Jordan, —, Michael Sheetz Organizations: Boeing, AFP, Getty, Ortberg’s, National Transportation, Air Force One, NASA, SpaceX, International Space, Airbus, Bank of America, International Association of Machinists, Aerospace Workers, Arlington , Virginia —, ”, Southwest Airlines Locations: U.S, Renton , Washington, Portland , Oregon, “, Washington state, Oregon, Arlington , Virginia, Chicago, Seattle, American

☆ We’re about to get the most detailed explanation yet for Boeing’s terrifying mid-air blowout
▼ + stars: | 2024-08-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

It was a combination of the skill of the flight crew and good luck that no one was killed. But there were problems with five rivets near where the door plug was installed, and Boeing workers removed the door plug in order to fix those rivets. It would have had much more difficulty making it safely to the ground if the door plug had failed hours, rather than minutes, from the nearest runway. But the probe is only one of the problems Boeing faces because of the incident. He has faced harsh criticism for many of Boeing’s problems, with more than a dozen whistleblowers at the company complaining to congressional investigators that they faced pressure and retaliation for flagging safety problems in the company’s assembly process.

Persons: Max, Dave Calhoun, Kelly Ortberg, Rockwell Collins, Calhoun, haven’t, Josh Hawley, ” Organizations: New, New York CNN, Alaska Airlines, Boeing, Max, National Transportation Safety Board, NTSB, FBI, Federal Aviation Administration, Justice Department, FAA, DOJ, Rockwell, Capitol Locations: New York, Alaska, Renton , Washington, Hawaii

☆ Boeing’s new CEO just landed the best (and worst) job in Corporate America
▼ + stars: | 2024-08-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

You’ve just landed a job that is simultaneously the best and worst in Corporate America. There’s a laundry list of problems Ortberg will have to confront on Day One, and he’ll be operating under intense scrutiny from a rabid audience of shareholders, regulators, customers and even the FBI. “I wish I knew more about other industries to say whether he was the worst aerospace CEO or the worst CEO, period.”Under Calhoun’s watch, Boeing’s headaches have multiplied. Ortberg climbed the ranks at Rockwell Collins, an aviation tech supplier, from 1987 to 2013, when he became its CEO. Boeing’s shares rose 2% Wednesday, even after Boeing announced its losses tripled in the second quarter, reflecting Wall Street’s optimism about Ortberg.

Persons: CNN Business ’, Kelly Ortberg, You’ve, that’s, can’t, Ortberg, Dave Calhoun, Richard Aboulafia, “, Boeing didn’t, Steven Mollenkopf, Calhoun “, ”, they’ll, That’s, ” Aboulafia, Robert Clifford, Max, ” Clifford, Chris Isidore, He’s, Rockwell Collins, Ron Epstein, “ Kelly, he’ll Organizations: CNN Business, New York CNN, Corporate, Boeing, Ortberg, FBI, Airbus, Rockwell, Industry, Bank of America, Puget Locations: New York, Corporate America, Seattle, Chicago, Arlington , Virginia

☆ Boeing's new CEO already seems to have given a major indication of where his priorities lie
▼ + stars: | 2024-08-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

Read previewBoeing's incoming CEO, Kelly Ortberg, is already signaling his intent to get the planemaker back on track. Later that month, The Seattle Times reported that Boeing's board shut down a shareholder's bid to move its headquarters back to Seattle. Outgoing CEO Dave Calhoun last year faced criticism from employees after commuting to Boeing's HQ by private jet, The Wall Street Journal reported. Airline bosses like Emirates' Tim Clark had called on Boeing to appoint a new CEO with an engineering background. Boeing's incoming CEO, Kelly Ortberg, is an aerospace veteran.

Persons: —, Kelly Ortberg, Ortberg, It's, Rockwell Collins, Max, Lindsey Wasson, Maria Cantwell, Dave Calhoun, Calhoun, Tim Clark, we've, Nicolas Owens, Owens, Bob Clifford, preventively Organizations: Service, Seattle Times, Boeing, Reuters, Business, Alaska Airlines, Federal Aviation Administration, REUTERS, Commerce, Science, Transportation, Street Journal, Morningstar Locations: Seattle, Chicago, Virginia, Washington, South Carolina, Renton , Washington, Emirates, Blackstone

☆ Boeing just named its new CEO — an aerospace veteran with the tough task of getting the planemaker back on track
▼ + stars: | 2024-07-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Industry veteran Kelly Ortberg will be the new CEO of Boeing. He faces a tough task to get the planemaker back on track after the Alaska Airlines blowout. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBoeing announced that its new CEO will be Kelly Ortberg, the former boss of avionics firm Rockwell Collins. This story is available exclusively to Business Insider subscribers.

Persons: Kelly Ortberg, —, Rockwell Collins, Ortberg, Dave Calhoun, Steve Mollenkopf Organizations: Boeing, Airline, Alaska Airlines, Service, Business

☆ Boeing names new CEO after losses more than triple
▼ + stars: | 2024-07-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

Boeing announced Robert “Kelly” Ortberg, the former CEO of supplier Rockwell Collins, will be its new CEO, effective August 8, replacing retiring Boeing CEO Dave Calhoun, who has been under fire for the company’s problems. Serious problems to solveOrtberg will have his hands full fixing the problems at Boeing, which has not posted a profitable year since 2019. It recently agreed to plead guilty to charges that its employees defrauded the Federal Aviation Administration during the original certification process for the 737 Max. The company has come under renewed scrutiny since a 737 Max plane’s door plug blew off shortly after takeoff in January. But that will keep the losses building at Boeing as it can’t make money at its current level of production.

Persons: Robert “ Kelly ” Ortberg, Rockwell Collins, Dave Calhoun, Ortberg, I’m, ”, ” Ortberg, Dennis Muilenburg, “ Kelly, Steven Mollenkopf, ” Rockwell Collins, Max Organizations: New, New York CNN, Boeing, Texas Instruments, United Technologies, Collins Aerospace, Federal Aviation Administration, FAA, Air Force Locations: New York

☆ Boeing taps former Collins Aerospace CEO Kelly Ortberg to replace Dave Calhoun
▼ + stars: | 2024-07-31 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Kelly Ortberg, chief executive officer of Rockwell Collins Inc., stands for a photograph at the company's production facility in in Manchester, Iowa, U.S., on Wednesday, Aug. 31, 2016. Boeing has named Robert "Kelly" Ortberg to succeed CEO Dave Calhoun, picking a longtime aerospace veteran from outside the company as the manufacturer scrambles to regain its footing from safety and manufacturing crises. Ortberg, 64, previously led major aerospace supplier Rockwell Collins, which later became Collins Aerospace, and the business is now part of industry behemoth RTX . His appointment Wednesday came alongside Boeing's second-quarter results, which revealed a wider-than-expected loss and a 15% drop in sales. "Kelly is an experienced leader who is deeply respected in the aerospace industry, with a well-earned reputation for building strong teams and running complex engineering and manufacturing companies."

Persons: Kelly Ortberg, Robert " Kelly, Ortberg, Dave Calhoun, Rockwell Collins, Boeing's, Calhoun, Kelly, Steven Mollenkopf Organizations: Rockwell Collins Inc, Boeing, Rockwell, Collins Aerospace Locations: Manchester , Iowa, U.S

☆ Stocks making the biggest moves premarket: Pinterest, Match Group, Advanced Micro Devices and more
▼ + stars: | 2024-07-31 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +6 min

Advanced Micro Devices — Shares popped nearly 9% after the chipmaker's earnings and revenue beat analyst estimates postmarket Tuesday. AMD reported adjusted earnings of 69 cents per share versus 68 cents expected from analysts polled by LSEG. Live Nation Entertainment — The entertainment stock was little changed after posting second-quarter revenue that matched expectations. But revenue of $6.48 billion was below the $6.55 billion analysts had expected, according to FactSet. Marriott International — The hotel chain slipped 4% after posting second-quarter revenue of $6.44 billion, below the $6.47 billion expected by analysts polled by FactSet.

Persons: DuPont, LSEG, Pinterest, FactSet, Dan Dolev, Kelly Ortberg, Dave Calhoun, AutoNation, StreetAccount, Kraft Heinz —, Greg Heckman, —, Brian Evans, Michelle Fox, Fred Imbert, Spencer Kimball, Tanaya Macheel, Jesse Pound, Samantha Subin Organizations: DuPont, Intel, Bloomberg, Microsoft, AMD, LSEG, Revenue, Nvidia, ASML, Arista Networks, Arista, Starbucks, Mizuho, Boeing, Collins Aerospace, Entertainment, Humana, Marriott, FactSet, Mobile, Nuclear Regulatory Commission, Nuclear, Constellation Energy, Constellation, Bunge Locations: Tuesday's, FactSet, Texas, U.S

☆ Stocks making the biggest moves midday: Boeing, Vistra, Match Group and more
▼ + stars: | 2024-07-31 | by ( Sean Conlon | ) www.cnbc.com time to read: +5 min

Match Group — Shares of the Tinder dating app owner moved 13% higher after the company posted second-quarter revenue of $864 million. That is above the $856.5 million estimate that analysts polled by FactSet had expected. Revenue, however, came in below expectations at $6.48 billion, compared to the $6.55 billion analysts polled by FactSet had expected. Marriott reported $6.44 billion, which was below the $6.47 billion analysts polled by FactSet had expected. Bunge — The food stock moved nearly 8% lower after the company posted second-quarter results that missed analysts' expectations.

Persons: Vistra, FactSet, LSEG, Dan Dolev, AutoNation, Kraft Heinz —, Bunge, Robert " Kelly, Ortberg, Dave Calhoun, Rockwell Collins, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: FactSet, Nuclear Regulatory Commission, Nuclear, AMD, Nvidia, Qualcomm, Arista Networks, Mizuho, DuPont de Nemours, DuPont, Humana, Starbucks, LSEG, Marriott, Constellation Energy, Constellation, Boeing, Rockwell, Collins Aerospace Locations: Texas, Japan, Korea, Tuesday's

☆ Boeing and Airbus go head-to-head at a giant industry airshow every 2 years. This time, neither won.
▼ + stars: | 2024-07-29 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +4 min

Read previewThe usual orders battle between Airbus and Boeing played second fiddle to supply-chain issues at last week's Farnborough Airshow. AdvertisementLast month, Airbus reduced its delivery targets, citing supply chain issues, which saw its stock drop as much as 11%. The day before the show, Guillaume Faury, the Airbus CEO, told the media the planemaker was having "important discussions" with some key suppliers as it was facing "a bit of an unexpected challenge." Frustrations with the supply chain were evident among airline bosses speaking at a summit on the first day of the airshow. AdvertisementWith gray skies for much of the week, the weather seemed to reflect the downturn for Airbus and Boeing.

Persons: —, Joshua Ng, Guillaume Faury, Luis Gallego, Ng, Dave Calhoun, Stephanie Pope, Kelly Ortberg, Rockwell Collins, Sir Keir Starmer Organizations: Service, Airbus, Boeing, Farnborough, November's Dubai, Alton Aviation Consultancy, Business, International Airlines Group, British Airways, Aer Lingus, Alaska Airlines, Current, Defense, NATO Locations: Paris, Farnborough, Ukraine, Gaza

☆ One of these four people could be Boeing's next CEO
▼ + stars: | 2024-07-29 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Boeing may have narrowed its CEO search to four candidates, including Kelly Ortberg. Current CEO Dave Calhoun said he will step down by year-end after the Alaska Airlines disaster. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe race for Boeing's new chief may be down to four candidates, including a new name. Kelly Ortberg, the former CEO of aerospace company Rockwell Collins, is seriously being considered for the position of Boeing's chief, trade publication The Air Current reported on Sunday, citing industry officials.

Persons: Kelly Ortberg, Dave Calhoun, Stephanie Pope, Pat Shanahan, Steve Mollenkopf, —, Rockwell Collins Organizations: Boeing, Alaska Airlines, Service, Rockwell, Business

☆ Gen X is in charge now and boomers are being shown the door
▼ + stars: | 2024-07-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Harris is 59 and was born October 20, 1964 — putting her just weeks outside the Gen X range which is generally thought to span 1965 to the early 1980s. His successor has not been confirmed, but one name being floated is his Gen X lieutenant Stephanie Pope. Could the House of Mouse soon have its first Gen X leader? The picture is not completely clear on how Gen X bosses differ from their predecessors on issues such as remote work and the role of AI in the workplace. AdvertisementIt won't be long, though, until Gen X has a majority grip over power.

Persons: —, Gen, Joe Biden's, Kamala Harris, Harris, Xer —, XCX, Joe Biden, Justin Sullivan, boomer Barack Obama, Donald Trump, Sen, JD Vance, Bush, Clinton, Biden, Obama, John McCain, Mitt Romney, HSBC's, Noel Quinn, Georges Elhedery, Xer, David Calhoun, Stephanie Pope, Dave Calhoun, Aaron Schwartz, Gen X, Ron Vachris, Craig Jelinek, Macy's, Tony Spring, Xers, Jamie Dimon, David Solomon, Goldman Sachs, Bob Iger, boomer Bob Chapek, Iger, Brendan McDermid, Tim Cook, Steve Jobs, Jensen Huang, Dimon, Jenn Piepszak, Troy Rohrbaugh, X'ers, JPMorgan Chase, Alex Brandon, Mouse, We'll Organizations: Service, Democratic Party, Business, Democratic, Trump, Boeing, Gen, Gen X Costco, Microsoft, Google, Walmart, Tesla, ExxonMobil, JPMorgan, Blackstone, septuagenarians, Disney, Apple Locations: BlackRock, Silicon Valley, America

☆ Boeing 'disappointed' customers but is on the path to 'transformational change,' commercial jet CEO says
▼ + stars: | 2024-07-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Pope said Boeing is on the right path to improving its manufacturing quality, safety and predictability of deliveries, a "transformational change" that she said will take years. "It still doesn't take away the reality that we've disappointed" our customers, she said at a press conference before the Farnborough Airshow, outside of London. "This plan is not a three month plan," said Pope. As part of the leadership shakeup that promoted Pope to head the commercial unit, Boeing's CEO Dave Calhoun said he would step down by year's end. Boeing reports quarterly results on July 31 and is set to report charges from that unit, Colbert said at the same press conference.

Persons: Stephanie Pope, Max, Pope, haven't, Dave Calhoun, Ted Colbert, Colbert Organizations: Boeing, MAX, LONDON, Federal Aviation Administration, Farnborough, FAA, Air Force One Locations: Renton , Washington , U.S, London

☆ Can Boeing get back to its glory days?
▼ + stars: | 2024-07-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +17 min

Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The 737 was dubbed "Baby Boeing" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.

Persons: Joshua Roberts, Max, AeroSystems, Sen, Richard Blumenthal, Conn, Dave Calhoun, Boeing hasn't, Brian West, Aengus Kelly, Bob Jordan, I'm, Antonoaldo Neves, Calhoun, Steve Mollenkopf, Pat Shanahan, Donald Trump, Barack Obama, AerCap's Kelly, Mulugeta Ayene, we've, NASA —, Scott Kirby, McDonnell Douglas, Rob Spingarn, Kirby, Spirit Aerosystems, William Campbell, it's, It's, Howard McKenzie, Kevin Lamarque, Goldman Sachs, Noah Poponak, Alex Krutz Organizations: American Airlines Boeing, Reagan National, FAA, Reuters Boeing, Wall, Boeing, Justice Department, Alaska Airlines, National Transportation Safety Board, NTSB, Via Reuters Industry, Farnborough, Federal Aviation Administration, Airbus, JPMorgan, Etihad Airways, General Electric, Blackstone, Qualcomm, Lion, Ethiopian Airlines, Pilots, Justice, Reuters, NASA, Lion Air, CNBC, Research, Max, Spirit, Corbis, Jefferies, DOJ, Senate Homeland Security, Governmental Affairs, Capitol, Patriot Industrial Partners Locations: Los Angeles, United States, Washington , U.S, Portland , Oregon, Alaska, U.S, Maldives, Wall, United Kingdom, Boeing's, Emirates, Southwest, United, Indonesia, Addis Ababa, Bishoftu, Debre Zeit, Ethiopia, BOZEMAN , MT, Wichita , Kansas, Bozeman, Bozeman , Montana, Seattle, Chicago, Arlington , Virginia, Wichita, South Carolina, Washington

☆ Finally, an explanation for why it's so frustrating to deal with customer service
▼ + stars: | 2024-07-13 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Corporations absolve their employees of responsibility by delegating decision-making to an algorithm or deferring to company policy. Sorry, it's company policyAccording to Davies, accountability sinks emerged over the past decades of privatization and technological innovation. In addition, middle management and customer service jobs were cut or outsourced as corporations prioritized profits, optimizing costs, and delivering strong quarterly earnings. It often looks like a customer service representative working within a system with limited options to help. Accountability sinks can range from customer service to decision-making at major corporations.

Persons: —, you've, Dan Davies, It's, Davies, Milton Friedman, Ronald Reagan, Margaret Thatcher, Dave Calhoun, there's Organizations: Service, Business, Boeing, CNBC Locations: jtowfighi@businessinsider.com

☆ How Boeing defrauded the United States and escaped with a slap on the wrist
▼ + stars: | 2024-07-13 | by ( Chris Isidore | Pete Muntean | ) edition.cnn.com time to read: +10 min

Boeing agreed to plead guilty to a charge that it defrauded the Federal Aviation Administration, hiding crucial information about a design flaw on the 737 Max during its original certification process. Boeing attorneys had it as part of their mission to make sure that its executives did not face any criminal charges, Lindquist said. A Boeing spokesman said the company had no comment about the anticipated guilty plea or the case beyond a brief statement confirming the agreement. Another way to make executives payEven if there are no criminal charges brought against executives, they can face significant penalties, Arlen said. Why Boeing will keep its government contractsThe most serious penalty that Boeing could face is by far the least likely – it could be barred from federal government contracts due to its guilty plea.

Persons: Critics, ”, Peter Goeltz, Goeltz, “ I’m, Moody’s, Paul Cassell, Jemal Countess, “, Mark Lindquist, Lindquist, FAA ”, Mark Forkner, ” Lindquist, there’s, that’s, Arlen, Dave Calhoun, Dennis Muilenburg, Calhoun, Max, Patrick Ryder, Robert Clifford, – CNN’s Natasha Bertrand Organizations: New, New York CNN, Boeing, Federal Aviation Administration, National Transportation Safety Board, CNN, ”, Alaska Airlines, Justice Department, FAA, Volkswagen, University of Utah, Ethiopian Airlines, Max, Alaska Air, DOJ, “, Department of Defense, Pentagon, Air Force, Department of Justice, they’re Boeing Locations: New York, Alaska, Indonesia

☆ Former Boeing inspector alleges ‘scrap’ parts ended up on assembly lines
▼ + stars: | 2024-07-03 | by ( Gregory Wallace | ) edition.cnn.com time to read: +9 min

A string of whistleblowers this year has raised allegations about Boeing factory lapses, including an official federal complaint from a current employee that Boeing hid potentially defective parts from Federal Aviation Administration inspectors, and that some of those parts likely ended up in planes. Most of the parts that were meant to be scrapped were often painted red to signify they were unsuitable for assembly lines, Meyers said. In a statement to CNN, Boeing did not dispute Meyers’ allegations. Meyers describes a pressure-packed environment at the Everett factory, where assembly teams competed with each other to find the parts they needed. Workers assemble Boeing Co. 787 Dreamliner airplanes at the Boeing Everett Factory in Everett, Washington.

Persons: CNN —, Merle Meyers, Meyers ’, Meyers, “, ” Meyers, ”, Max, Dave Calhoun, Sam Mohawk, Richard Cuevas, Aerosystems, Patrick T, Pete Muntean Organizations: CNN, Boeing, Everett, Federal Aviation Administration, Company, New York Times, FAA, Justice Department, Occupational Safety, Health Administration, Engineering, Workers, Boeing Co, Boeing Everett Factory, Fallon, Bloomberg Locations: Everett , Washington, Auburn , Washington

☆ Boeing Agrees to Buy Spirit AeroSystems, a Longtime Supplier
▼ + stars: | 2024-07-01 | by ( Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Boeing said on Monday that it had agreed to buy a major supplier, Spirit AeroSystems, ending a nearly two-decade experiment in outsourcing production of major components of its commercial planes, including the body of the 737 Max and parts of the 767, 777 and 787. In buying Spirit, Boeing hopes to stem quality problems that have plagued the supplier in recent years. While it already has significant influence over Spirit, Boeing will more easily be able to monitor and change production practices by owning the business outright. The deal, which was widely expected, was valued at $4.7 billion in stock or $8.3 billion including Spirit’s debt. Boeing said its acquisition of Spirit is expected to close by the middle of next year.

Persons: ”, Dave Calhoun Organizations: Boeing, Airbus

☆ Boeing agrees to buy fuselage maker Spirit AeroSystems in $4.7 billion deal
▼ + stars: | 2024-07-01 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing said Monday that it will buy back its struggling fuselage maker Spirit AeroSystems in an all-stock deal that the planemaker has said will improve safety and quality control. It said it agreed to pay $37.25 a share in Boeing stock for Spirit, giving the aerospace company an equity value of $4.7 billion. Including Spirit's debt the deal has a transaction value of $8.3 billion Boeing said. Spirit's shares closed Friday at $32.87 a share, giving it a market capitalization of about $3.8 billion. In 2005, Boeing spun off operations in Kansas and Oklahoma that became the present-day Spirit AeroSystems.

Persons: Dave Calhoun, Pat Shanahan Organizations: Boeing, Alaska Airlines, Spirit, Airbus, Calhoun Locations: Wichita , Kansas, Kansas, Oklahoma, Belfast , Northern Ireland, North Carolina

☆ Boeing agrees to buy spinoff Spirit Aerosystems as part of its plan to shore up safety
▼ + stars: | 2024-07-01 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing has agreed to buy Spirit Aerosystems, one of its major suppliers and manufacturing partners, as part of its plan to overhaul the aircraft maker’s badly damaged safety reputation. Boeing in March announced its intention to buy Spirit, saying recombining the companies would boost safety. Spirit AeroSystems makes major parts of several Boeing models, including the fuselages for the 737 Max. The company also makes parts for Boeing’s rival Airbus, although Boeing is Spirit’s largest customer. The first group of employees removed the door plug to address problems with rivets that were made by Spirit AeroSystems.

Persons: Spirit’s, ”, Dave Calhoun, AeroSystems, Max, Sprit, Spirit Aerosystems, CNN’s Chris Isidore Organizations: New, New York CNN, Boeing, Spirit, Airbus, Alaska Airways, US Justice Department Locations: New York

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