Aircraft maker Boeing has confirmed that its Chief Financial Officer Brian West, the man behind orchestrating one of the biggest capital funds raising in the corporate history of the US, is stepping down from his role.
“West, who served as Boeing CFO for the last four years, will continue working with the company in an advisory capacity, including assisting in the upcoming CFO leadership transition,” Boeing said in a statement.
West is credited with raising the biggest capital funds in US corporare history at a time when Boeing was facing financial crisis.
Brian West steps down as Boeing CFO
Brian West will step down as Boeing CFO from mid-August and will be replaced by former Lockheed Martin Corp. executive Jesus “Jay” Malave.
West will become a senior advisor to Boeing President and CEO Kelly Ortberg, the planemaker said.
The leadership change marks the highest-profile personnel switch since Ortberg took over the top role at the planemaker last year.
Brian West helped Boeing CEO Ortberg steer a capital squeeze and avoid a possible ratings downgrade to junk status, led by a longstanding workers’ strike in 2024 and steep output slowdown after a near-catastrophic accident.
“These past few years have been some of the most consequential in Boeing’s history, and Brian successfully guided us through last year’s historic capital raise and ensured our team always had the resources to continue the critical work to strengthen safety and quality across our operations,” Ortberg said in a statement on Monday.
Meanwhile, Malave will lead Boeing’s financial strategy, reporting, long-range business planning, investor relations, treasury, controller and audit operations, as well as Enterprise Services, which includes global real estate and facilities.
‘Right timing’
In an interview cited by Bloomberg, Brian West had said that this was the ‘right time’ to pass the baton.
“I just felt like it was the right timing to pass the baton,” he said.
“The balance sheet is much stronger, operating performance is better, outlook is very encouraging,” West added.
Boeing shares rose 0.3 per cent after the close of the regular trading session in New York, recovering from an earlier loss of 2.3 per cent. The stock price has moved up 18 per cent so far this year.
West’s contributions were key in shoring up Boeing’s cash reserves with a $24 billion equity sale last year, a near-record for a public company. He added to the stash this year by overseeing the $10.6 billion auction of the Jeppesen unit and other digital assets.
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