Boeing named a longtime aerospace industry veteran on Wednesday as its next chief executive, who will take over a company that has been rocked by legal, regulatory and production problems, as well as a just-reported US$1.4 billion second quarter loss. Robert “Kelly” Ortberg, a former CEO at Boeing supplier Rockwell Collins, will succeed David Calhoun as CEO and president effective Aug. 8.

Calhoun announced in March that that he would retire at the end of the year, and analysts generally praised the quicker transition.

Boeing chairman Steven Mollenkopf said Ortberg was chosen after “a thorough and extensive search process” and “has the right skills and experience to lead Boeing in its next chapter.” He added that Ortberg has earned a reputation for running complex engineering and manufacturing companies.

A Boeing spokesperson said the company had waived the mandatory retirement age of 65 for Ortberg. Boeing did the same for Calhoun days after he turned 64 in 2021.

Boeing’s loss was wider and revenue lower than Wall Street expected. Revenue fell 15% from a year earlier, and both its commercial-airplanes business and defense unit lost money.

The disappointing results come at a tumultuous time for Boeing. The company agreed to plead guilty to fraud in connection with the Max, two of which crashed, killing 346 people. The Federal Aviation Administration has increased its oversight of the company following mistakes including the blowout of a panel on an Alaska Airlines jet. It is pushing back against whistleblower allegations of manufacturing shortcuts that crimp on safety.

The company is dealing with supply-chain problems that are hindering production, which it hopes to fix in part by re-acquiring Spirit AeroSystems, a key contractor. It is still trying to persuade regulators to approve two new models of the Max and a bigger version of its two-aisle 777 jetliner. And it faces a multi-billion-dollar decision on when to design a new single-aisle plane to replace the Max.