Struggling U.S. airplane maker Boeing is turning to former Rockwell Collins CEO Kelly Ortberg to lead the company’s recent turnaround efforts. Ortberg will assume the roles of President and Chief Executive Officer roles at Boeing in August, replacing the outgoing CEO Dave Calhoun.
Boeing announced the news on Wednesday, saying that Ortberg’s hiring was a result of a months-long extensive search process.
“The Board conducted a thorough and extensive search process over the last several months to select the next CEO of Boeing, and Kelly has the right skills and experience to lead Boeing in its next chapter,” said Boeing chairman Steven Mollenkopf in a statement.
The scope of the challenge Ortberg is facing was on full display following the release of Boeing’s earnings for the past quarter, which also came on Wednesday.
The airplane maker, which is battling production and safety issues, reported $16.9 billion in revenue compared to $17.46 billion estimated by analysts. Its earnings per share were also worse than expected, with the company recording a $2.90 adjusted loss per share versus estimates of a $1.82 adjusted loss per share.
Boeing’s recent troubles have also taken a toll on its deliveries. It delivered 92 planes in the second quarter, 44 fewer compared to the same period last year.
Despite disappointing earnings, Boeing’s stock surged by more than 4% on Wednesday. However, the company’s shares still remain 22% down year-to-date.