What is the background of the new CFO, Jay Malave?

Jay Malave has extensive financial leadership experience. He most recently served as the Chief Financial Officer of Lockheed Martin Corporation from January 2022 to April 2025. Prior to that, he held CFO roles at L3Harris Technologies, Inc. and various positions within United Technologies Corporation (UTC).

What is Brian J. West's new role?

Brian J. West, the outgoing CFO, will assume the role of Special Advisor to the Chief Executive Officer, effective August 15, 2025.

What are the key components of Jay Malave's compensation package?

Malave's compensation includes an annual base salary of $1,050,000, an annual incentive award targeted at 120% of base salary, and long-term incentive awards targeted at $6,500,000 annually starting in 2026. He will also receive a $1.5 million cash award, $5 million in restricted stock units, and $4.5 million in premium-priced stock options, along with an additional $7 million cash award. These awards are subject to clawback provisions if he voluntarily leaves within two years.

Are there any restrictions on Malave's role due to his prior employment at Lockheed Martin?

Yes, to address potential conflicts of interest, Malave will not participate in Boeing Defense, Space & Security business until the end of 2025. He is also restricted from providing advice or making decisions regarding certain vendor relationships involving Lockheed until April 2026, and from soliciting Lockheed employees or participating in procurement activities where Lockheed is a known competitor until April 2027.

BA/BA-PA 8-K: Leadership Changes & Regulation FD

Q: Who is the new Chief Financial Officer at Boeing and when does the change take effect?

Jesus (Jay) Malave has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of Boeing. This change is effective August 15, 2025.

Summary

The Boeing Company (BA) has announced a significant leadership change in its finance department, with Jesus (Jay) Malave appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective August 15, 2025. Malave, who previously served as CFO for Lockheed Martin Corporation, brings extensive experience in financial leadership from major aerospace and defense companies. This transition sees current CFO Brian J. West move to a Special Advisor role to the CEO, marking a strategic shift in financial oversight. Malave's appointment comes with a comprehensive compensation package designed to attract and retain him, including substantial equity awards and cash bonuses, totaling over $16 million in potential initial value, along with a significant base salary and performance-based incentives. These awards are structured with clawback provisions tied to his voluntary departure within two years. Additionally, certain restrictions are in place regarding his involvement with specific Lockheed Martin-related business until early 2027 to mitigate potential conflicts of interest, underscoring the strategic importance and sensitivity of this executive transition.

Key Highlights

1Boeing appoints Jesus (Jay) Malave as new Executive Vice President and Chief Financial Officer, effective August 15, 2025.
2Current CFO Brian J. West will transition to a Special Advisor role to the CEO.
3Malave brings a strong financial background, having most recently served as CFO of Lockheed Martin Corporation.
4Malave's compensation package includes significant equity awards and cash bonuses totaling over $16 million, along with a $1.05 million base salary and performance incentives.
5Key equity awards include restricted stock units ($5M) and premium-priced stock options ($4.5M), alongside cash awards ($1.5M and $7M).
6Certain employment restrictions are in place for Malave regarding Lockheed Martin-related activities until April 2027 to manage potential conflicts of interest.
7Boeing will pay $2 million to Lockheed Martin in connection with a release of claims related to Malave's prior employment.

BOEING CO 8-K Report, Executive Changes (Jul 3, 2025)

Summary

Key Highlights

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