11:09 AM EDT, 07/31/2024 (MT Newswires) -- Boeing ( BA ) named a new chief executive on Wednesday as the aircraft manufacturer's loss in the second quarter grew more than expected.

The company appointed aerospace industry veteran Robert Ortberg as CEO, effective Aug. 8. He will succeed Dave Calhoun, who earlier this year announced his plan to step down at the end of 2024. Ortberg has previously served as CEO of former aerospace company Rockwell Collins, as well as the chair of the Aerospace Industries Association board.

"The board conducted a thorough and extensive search process over the last several months to select the next CEO of Boeing ( BA ) and Kelly has the right skills and experience to lead Boeing ( BA ) in its next chapter," Chair Steven Mollenkopf said in a statement. "We look forward to working with him as he leads Boeing ( BA ) through this consequential period in its long history."

Separately, the plane maker said its core loss grew to $2.90 a share for the June quarter from $0.82 the year before, compared with the Capital IQ-polled consensus for a per-share loss of $2.01. Revenue dropped 15% year over year to $16.87 billion, trailing the Street's view for $17.35 billion.

Revenue in the commercial airplane segment tumbled 32% year over year to $6 billion, mainly due to lower plane deliveries, which fell to 92 from 136 last year. The company "gradually" increased production of its 737 program during the quarter and still aims to increase output to 38 planes per month by the end of the year. It plans to return the 787 program to five planes a month by 2024-end.

Defense, space and security revenue fell 2% from last year to $6.02 billion. The division logged an operational loss of $913 million versus $527 million a year ago, amid $1 billion of losses on certain fixed-price development programs, including a $391 million loss on the KC-46A program. Global services' revenue rose 3% to $4.89 billion.

"Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future," Calhoun said in a statement. "While we have more work ahead, the steps we're taking will help stabilize our operations."

Boeing's ( BA ) operational loss increased to $1.09 billion from $99 million in the prior-year quarter. Operating cash flow turned negative in the quarter, at $3.92 billion, amid lower commercial deliveries and unfavorable working capital timing. Free cash flow swung negative at $4.33 billion, compared with a positive $2.58 billion figure last year.

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