Boeing has lost $28 billion since 737 MAX crashes
For decades, Boeing was a profit machine. Two plane crashes triggered a string of problems the company has yet to recover from.
Boeing announced a new CEO on Wednesday morning, marking the second time the jet maker has swapped out its top executive since two of its 737 MAXes crashed, killing hundreds of people on board. Since then, the company has been mired in problems, and its bottom line has been bathed in red ink.
Alongside the CEO announcement, Boeing said it posted a loss of $1.44 billion for the latest quarter. That brings the total amount of net losses the company has incurred since the second quarter of 2019 to a staggering $27.8 billion, according to FactSet data.
Boeing has been in dire straits for years following the two 737 MAX crashes, which happened in October 2018 and March 2019. Then in January 2024, a section of a Boeing Alaska Airlines jet blew out. Terrifying videos of the incident flooded the internet and intense scrutiny of the company’s manufacturing processes followed. The Justice Department opened an investigation into the issue.
The company also agreed earlier this month to plead guilty to misleading regulators in the run-up to the two 737 MAX crashes.
Kelly Ortberg will step in after Dennis Muilenburg and David Calhoun were unable to set the company back on course. It’s a job that was hard to hire for: The Wall Street Journal reported in June that “several high-profile candidates” had turned the company down.
Now Ortberg faces the enormous task of pulling Boeing out of the muck of all its mounting issues: a quality crisis, production slowdowns, labor negotiations, and a yearslong reputation problem.
