01:10 PM EDT, 09/13/2024 (MT Newswires) -- Boeing's ( BA ) newly appointed chief Kelly Ortberg is "already at work" to get an agreement between the plane maker and workers after a tentative deal was rejected earlier Friday, an executive said at an industry conference.

Boeing ( BA ) Chief Financial Officer Brian J. West told participants at a Morgan Stanley conference Friday that the strike would jeopardize the company's recovery.

More than 30,000 employees began to walk out of the aircraft manufacturer's facilities in Seattle and Portland on Friday after members of the International Association of Machinists and Aerospace Workers voted to strike.

The IAM union, which recommended its members to approve the labor deal, said its negotiating team will now "begin planning the next steps on securing an agreement that our membership can approve."

The proposed four-year agreement, agreed on Sunday with two IAM districts, included a 25% general wage increase over the length of the contract, as well as contributions by Boeing ( BA ) to retirement plans and lower healthcare costs, among other benefits.

"From a financial perspective, any impact is going to be dictated by the duration of the work stoppage," West said, according to a transcript available on S&P Capital IQ.

West said the company's immediate focus was to conserve cash as it works to reset its relationship with workers.

Boeing ( BA ) shares were down almost 4% in recent trading.

Price: 156.59, Change: -6.18, Percent Change: -3.80