Boeing Co. has officially named Jesus “Jay” Malave as its incoming Chief Financial Officer, signaling a strategic shift for the aerospace giant as it navigates both executive restructuring and significant new defense contracts. Malave, a seasoned veteran with a deep history in the aerospace and defense sectors, is set to succeed Brian West on August 15, 2025.
From Hartford to the C-Suite
Malave’s path to one of the most prominent financial roles in the industry began in Hartford, Connecticut. Born to Puerto Rican immigrants—his father was a U.S. Postal Service supervisor and his mother a hospital nutritionist—he grew up in the town of Newington. In a 2022 interview, Malave credited his upbringing in a community that blended blue-collar and white-collar families for instilling in him an early appreciation for diversity and grit.
His academic journey was equally foundational. Initially studying engineering at the University of Connecticut, he pivoted to mathematics to earn his bachelor’s degree in 1991. He didn’t stop there, later securing a Master’s in Accounting from the University of Hartford and a Juris Doctor from the UConn School of Law.
Professionally, Malave didn’t start in a corporate boardroom. His career kicked off at the U.S. Department of Labor, where he investigated Equal Employment Opportunity cases. It was during this time that United Technologies Corporation (UTC)—then the parent company of heavyweights like Pratt & Whitney and Sikorsky—took notice. Initially approached for a human resources role, Malave transitioned into finance a year later, handling entry-level cash and expense duties at Pratt & Whitney. He eventually climbed the ranks to become CFO of UTC Aerospace Systems, followed by CFO tenures at L3Harris Technologies in 2019 and Lockheed Martin in 2022. He also sits on the Board of Directors for GE Vernova.
Financial Headwinds and Market Strategy
Malave takes the financial reins at a complex moment for the Arlington-based planemaker. His appointment comes on the heels of a 2.34% dip in Boeing’s stock during Monday’s trading session. The market reaction followed reports that antitrust authorities in the United Kingdom have launched an investigation into Boeing’s proposed $4.7 billion acquisition of Spirit AeroSystems, a key fuselage manufacturer.
Despite these regulatory hurdles, market indicators remain mixed but hopeful. Analysis suggests Boeing shares are maintaining an upward trajectory across various timeframes, even as the company works to strengthen its footing in a competitive global market.
Investments in Defense Capabilities
While the executive suite undergoes a shake-up, Boeing continues to advance its defense portfolio. In a major move to modernize the U.S. Air Force’s airlift capabilities, the company has selected Curtiss-Wright Corporation to provide critical mission computer technology for the C-17 Globemaster III.
The agreement, which supports the C-17 Flight Deck Obsolescence and Technology Refresh program, is valued at over $400 million. Under the deal, Curtiss-Wright will supply mission computers built on the Modular Open Systems Approach (MOSA). These upgrades are designed to significantly boost data processing capabilities and allow for easier technological updates in the future.
The C-17 has served as the backbone of the Air Force’s strategic airlift fleet since the early 1990s, hauling troops and heavy equipment globally. This modernization effort is intended to extend the aircraft’s operational life, ensuring it remains effective for the U.S. military and its allies for years to come. Malave’s arrival, combined with these long-term defense commitments, underscores Boeing’s dual focus on stabilizing its financial outlook while maintaining its dominance in military aviation.