Who is Jay Malave? Boeing's new CFO set to replace Brian West, he previously worked as...

Boeing has announced the appointment of their new CFO Jesus 'Jay' Malave, effective from August 15. He will also take over as the Executive Vice President. He will succeed Brian West, who has been the planemaker's CFO since 2021. As per reports, Jay Malave will be responsible for overseeing financial strategy,reporting, long-term business planning, investor relations, treasury, controller and audit functions, as well as the division managing global real estate at Boeing. He will report directly to CEO Kelly Ortberg. 

CEO Kelly Ortberg made a statement regarding the appointment, "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."

Who is Jay Malave?

Jesus ‘Jay’ Malave has been a veteran professional who has worked with several corporations over the years and has been appointed on many senior positions. CEO Ortberg said, "He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses."

As per his Linkedin, Jay Malave has pursued his Bachelor of Science in Mathematics/Statistics from the University of Connecticut in 1991. He earned his Master of Science in Accounting from the University of Hartford in 1998, and he also holds a Juris Doctor (JD) degree from the University of Connecticut School of Law'. 

The incoming CFO of Boeing, Malave held the position of the Chief Financial Officer of defence equipment and aircraft maker Lockheed Martin in 2022. Moreover, he has also held the senior position of Vice President and CFO at L3Harris Technologies.  He has also held several key positions at United Technologies Corporations, where he worked for almost two decades. He started his career as a Compliance Analyst for the US Department of Labor in 1991. 

Appointment at time of crisis for Boeing 

The appointment comes as Boeing is undergoing a broader transformation to restore its reputation and ramp up jet production under current CEO Kelly Ortberg, as per Reuters. After the 'deadly' crash of Air India plane Boeing 787 Dreamliner, that killed all passengers onboard except 1, Boeing aircrafts has been under scrutiny over safety and quality concerns.