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Boeing Co. (NYSE:BA) continues to grapple with safety issues.
The situation was worsened by a recent incident involving a midair panel blowout on a nearly new 737 MAX plane.
Now, the head of the International Air Transport Association (IATA) is warning the company to learn from past mistakes and adopting best practices.
Willie Walsh, IATA’s Director General, spoke to Reuters at an airline conference in Dubai. He expressed approval of the steps being taken to address Boeing’s issues.
CEO Dave Calhoun, for example, will depart the company by the end of the year. Calhoun has served on Boeing’s board since 2009.
Boeing appointed Calhoun, a former exec at General Electric Co (NYSE:GE), to be CEO in 2020. Calhoun attempted to steer the company back on track after two fatal 737 MAX crashes.
Arlington County, Virginia-based Boeing currently faces legal action. The company’s best-selling jet, the 737 MAX, has seen a sharp decline in production, further impacting its market position.
Also Read: Alaska Airlines Acquires Training Facility Once Owned By Boeing – Details
Boeing has lost market share to competitor Airbus SE (OTC:EADSY), with its stock price dropping nearly 32% this year.
Delays in the delivery of new jets from both Boeing and Airbus are contributing to broader challenges within the aerospace supply chain, affecting airline growth plans.
Walsh indicated that supply chain disruptions could persist until 2025 or 2026. Earlier this year, IATA facilitated discussions among airlines and manufacturers to find solutions to these supply chain problems.
Boeing stock has lost more than 14% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).
Price Action: BA shares closed higher by 2.81% at $177.61 on Friday.
Disclaimer: Benzinga editors reviewed and published this content with the help of AI tools.
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