Boeing names next CEO, who will step in earlier than expected as companys troubles grow [Video]

Boeing named an aerospace industry veteran with a background in mechanical engineering as its next chief executive Wednesday, looking to open a new chapter at a company rocked by legal, regulatory and production problems and mounting financial repercussions.

Robert “Kelly” Ortberg, a former CEO at aerospace manufacturer Rockwell Collins, will succeed David Calhoun as CEO and president effective Aug. 8, the company said. Calhoun said in March that he would retire at the end of the year, and analysts generally praised the quicker transition.

“There is much work to be done, and I’m looking forward to getting started,” Ortberg said in a statement issued by Boeing.

Boeing announced its new CEO as it reported a loss of more than $1.4 billion on falling revenue during the second quarter. The loss was wider and the company’s revenue lower than Wall Street’s dismal expectations, as both Boeing’s commercial-airplanes business and defense unit lost money.

The …