(Bloomberg) -- As Boeing Co. lurches from one crisis to the next, there’s been one constant for the embattled planemaker: Its predicament appears to be only ...
-- As Boeing Co. lurches from one crisis to the next, there’s been one constant for the embattled planemaker: Its predicament appears to be only getting worse.From a freak accident that blew a door-size hole into the fuselage of an airborne 737 Max to revelations of sloppy workmanship and now a crippling strike entering its second month — the icon of US manufacturing hasn’t been able to catch a break since the first days of January.
It all adds up to the perception of a company that will need more time to regain its footing — the Federal Aviation Administration’s top official has said it’s a matter of years, not months, before Boeing is stabilized. When Ortberg, 64, hosts his first earnings call as CEO on Oct. 23, investors will want more detail on how he intends to comprehensively lead one of the toughest revivals in corporate America, rather than just putting out fires.
Much is unclear about Boeing’s turnaround efforts. The ramp-up in production that was supposed to help cash flow has been undercut by the recent strike, and the defense and space business continues to hemorrhage money. As CEO, Ortberg has appealed to a sense of camaraderie and shared destiny with the workforce. He made a point about relocating to Seattle from West Palm Beach, Florida, in a departure from his predecessor, who largely ran the company from the other side of the continent.When the strike started in mid September, the CEO urged workers to embrace the future and not hold grudges, a nod to a 2014 contract that cost them their pensions.
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