gk-6mt/iStock Editorial via Getty Images
Boeing (NYSE:BA) named Jay Malave as its next chief financial officer, succeeding Brian West, who will step down from the role after four years. The leadership change is set to take effect August 15, the aviation company announced Monday.
West will stay on as a senior advisor to Boeing (NYSE:BA) Chief Executive Kelly Ortberg to support the transition.
The move comes as Boeing (BA) continues efforts to stabilize its operations following a series of production and safety challenges that have weighed on the company’s performance and reputation in recent years.
Malave, a veteran aerospace executive, most recently served as CFO of Lockheed Martin (LMT). His career also includes senior financial roles at L3Harris Technologies (LHX) and United Technologies, where he worked for over two decades.
In his new role, Malave will oversee Boeing’s (BA) global financial operations, including strategy, reporting, investor relations and audit functions. He will also be responsible for managing enterprise services, which includes the company’s global real estate and facilities.
Ortberg called Malave’s appointment a key step as Boeing works to advance its recovery and rebuild confidence in its safety and quality practices.
Malave “is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses,” Ortberg said in the announcement.
West, who played a prominent role in Boeing’s recent $10 billion capital raise and other restructuring efforts, will remain with the company in an advisory capacity.
Malave holds degrees in mathematics and accounting, as well as a law degree from the University of Connecticut.