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Boeing releases latest financial results; update on 737 MAX and 777X
Daily Newsletter | October 23, 2019
During a very eventful week for Boeing, including changes to key executive positions and shades from the past prompting authorities to ask the company to explain themselves, the manufacturer has announced its latest financial results for Q3 2019, including an update on the grounded 737 MAX.
Chief Executive Officer of Boeing Commercial Airplanes, Kevin McAllister was ousted from his role. Boeing named Stanley Deal, former president and CEO of Boeing Global Services, to succeed McAllister. Ted Colbert will succeed Deal, while Vishwa Uddanwadiker will step in as the interim Chief Information Officer and senior vice president of Information Technology & Data Analytics, replacing Colbert.
Thai Airways, the national carrier of Thailand, is on the verge of collapsing according to the alarming comments made by its president Sumeth Damrongchentham. He calls on his employees to participate in rehabilitation efforts. The carrier said it planned to reduce the salaries of its executives, as well as apply a “zero stock” policy for its catering service. The objective is to reduce costs by 20%.
Air New Zealand has announced significant changes to its long-haul operations above the Pacific and Atlantic Oceans. The Kiwi airline is cutting its daily Los Angeles (LAX)-London (LHR) connection but will introduce a tri-weekly, yearly flight between Auckland Airport (AKL) and New York’s Newark Liberty International Airport (EWR).
Mechanical and design flaws of the Boeing 737 MAX and lack of information on how to deal with malfunctions of the jet flight-control system by pilots contributed to the crash of the Lion Air Flight JT610 in October 2018, Indonesian investigators have told victims’ families, ahead of the release of the final report into the crash that killed 189 people and foreshadowed the MAX crisis.
Together with its Q3 2019 financial results, Boeing has clarified the future of its wide-body planes, officially confirming what Emirates CEO Tim Clark had previously hinted. Boeing has pushed back the 777X entry into service date to 2021.
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