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Boeing logoBoeing BA

The company said its board elected Jesus (Jay) Malave as Executive Vice President and Chief Financial Officer on June 29, 2025, effective August 15, 2025, succeeding Brian J. West. West will cease to be CFO on the same date and will become Special Advisor to the Chief Executive Officer.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Period of report Summary published (UTC)

Key points

AI summary

  1. The company said its board elected Jesus (Jay) Malave as Executive Vice President and Chief Financial Officer on June 29, 2025, effective August 15, 2025, succeeding Brian J. West. West will cease to be CFO on the same date and will become Special Advisor to the Chief Executive Officer.

  2. Boeing said Malave was Chief Financial Officer of Lockheed Martin Corporation from January 2022 to April 2025, and before that worked at L3Harris Technologies from June 2019 to January 2022. According to the press release, he will lead financial strategy and investor relations and report to CEO Kelly Ortberg.

  3. The company said Malave will receive an annual base salary of $1,050,000, an annual incentive with a target of 120% of base salary, and long-term incentives with a target value of $6,500,000 beginning in 2026. He will also receive a cash award of $1,500,000 to offset unvested Lockheed equity, restricted stock units of $5,000,000, premium-priced stock options of $4,500,000, and a cash award of $7,000,000 to offset vested Lockheed stock.

  4. The company said Malave will not participate in the Boeing Defense, Space & Security business until the end of 2025. Certain Lockheed-related work will be restricted until April 2026, and Lockheed employee solicitation and related procurement activities until April 2027. The company also agreed to pay Lockheed $2,000,000 in connection with a release of claims.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

CFO Transition and Effective Date

The company said its board elected Jesus (Jay) Malave as Executive Vice President and Chief Financial Officer on June 29, 2025, effective August 15, 2025, succeeding Brian J. West. West will cease to be CFO on the same date and will become Special Advisor to the Chief Executive Officer.

Source · Based on the filing body and exhibits

Malave's Career and Responsibilities

Boeing said Malave was Chief Financial Officer of Lockheed Martin Corporation from January 2022 to April 2025, and before that worked at L3Harris Technologies from June 2019 to January 2022. According to the press release, he will lead financial strategy and investor relations and report to CEO Kelly Ortberg.

Source · Based on the filing body and exhibits

Malave Compensation and Lockheed Offset Payments

The company said Malave will receive an annual base salary of $1,050,000, an annual incentive with a target of 120% of base salary, and long-term incentives with a target value of $6,500,000 beginning in 2026. He will also receive a cash award of $1,500,000 to offset unvested Lockheed equity, restricted stock units of $5,000,000, premium-priced stock options of $4,500,000, and a cash award of $7,000,000 to offset vested Lockheed stock.

Source · Based on the filing body and exhibits

Malave Employment Restrictions and Lockheed Payment

The company said Malave will not participate in the Boeing Defense, Space & Security business until the end of 2025. Certain Lockheed-related work will be restricted until April 2026, and Lockheed employee solicitation and related procurement activities until April 2027. The company also agreed to pay Lockheed $2,000,000 in connection with a release of claims.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.