Boeing announced on Monday that it is appointing Jesus “Jay” Malave, the former Chief Financial Officer of Lockheed Martin, as its new CFO. He will succeed Brian West, who will transition into a senior advisory role to President and CEO Kelly Ortberg. Malave will also assume the title of Executive Vice President, with both appointments becoming effective on August 15.
According to Bloomberg, this leadership change is the most significant under Ortberg’s tenure as CEO, which began last year.
In an official statement, Boeing said:
“Boeing today announced a transition in its chief financial officer role. Brian West will become a senior advisor to Boeing President and CEO Kelly Ortberg, and Jesus ‘Jay’ Malave has been elected as incoming executive vice president and chief financial officer. Both roles are effective August 15.”
West, who has served as Boeing’s CFO for the past four years, will continue to support the company during the transition. He previously worked closely with former CEO Dave Calhoun at General Electric and played a key role in navigating Boeing through financial turbulence caused by post-Covid supply chain and quality issues. His achievements include helping to generate $24 billion through a major equity raise last year and overseeing the $10.6 billion divestiture of Jeppesen and other digital assets.
Ortberg praised West’s leadership, stating:
“I want to personally thank Brian for his outstanding work navigating our recovery and positioning the company for the future. 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. I look forward to his continued counsel in his new role.”
As the incoming CFO, Malave will lead Boeing’s financial strategy, business planning, investor relations, treasury, controller and audit operations, and Enterprise Services, which includes global real estate and facilities management. He will report directly to Ortberg and join the Executive Council.
Ortberg expressed confidence in Malave’s appointment, saying:
“Jay will become CFO at an important time in helping build Boeing’s next chapter as we continue to make progress on our recovery and implement fundamental changes rooted in safety and quality. He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses.”
Who is Jesus ‘Jay’ Malave?
Malave brings extensive industry experience, having served as CFO at Lockheed Martin and previously at L3Harris Technologies. Over the course of two decades at United Technologies Corporation (UTC), he held prominent roles including CFO of Carrier Corporation and UTC Aerospace Systems.
He holds a bachelor’s degree in mathematics from the University of Connecticut, a master’s degree in accounting from the University of Hartford, and a Juris Doctor from the University of Connecticut School of Law.
According to Lockheed Martin, Malave departed the company just prior to its April earnings call, informing the board he was “pursuing other opportunities.”
At Boeing, Malave will oversee the company’s financial architecture and planning, investor communications, audit, and treasury, as well as its real estate operations. He will report directly to Ortberg and serve on the company’s top leadership council.
About Boeing
Boeing is a leading global aerospace firm and one of the largest U.S. exporters. The company designs, manufactures, and services commercial aircraft, defense systems, and space technologies, serving customers in more than 150 countries.
Following the announcement, Boeing’s shares rose 0.3% in after-hours trading, recovering slightly from an earlier 2.3% dip. The stock has gained 18% year-to-date.
In related news, CEO Kelly Ortberg has canceled his scheduled appearance at the Paris Air Show to focus on the ongoing investigation into the June 12 crash of an Air India Dreamliner. The tragedy, which claimed at least 260 lives after a Boeing 787 aircraft crashed into a residential area in Ahmedabad shortly after takeoff, marks the first fatal accident involving the Dreamliner series. The incident has reignited global scrutiny over Boeing’s aircraft safety protocols.
