Boeing's CFO says business 'in difficult position': Read memo to employees
Published September 16, 2024 1:55pm EDT
Boeing shares have lost over 40% this year
Boeing shares slipped on Monday as the planemaker grapples with an ongoing strike and a ballooning threat to its bottom line.
Chief Financial Officer Brain West, in a letter to employees, outlined the risks facing the company while also announcing a hiring freeze as well as a delay in pay hikes for salaried workers.

Read his memo to Boeing's rank and file below.

Memo to Boeing Employees
Team,
As you know, our IAM 751 and W24 represented employees in the Pacific Northwest are on strike. We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume. However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future. Importantly, we will protect all funding for safety, quality and direct customer support work.

Actions include:
Instituting a hiring freeze across Boeing for all levels, and pausing on any pay increases associated with internal executive and management promotions
Stopping any travel that is not for critical customer, program, regulatory or supply chain activity
Eliminating all first and business class air travel, including for the Executive Council
Suspending non-essential capital expenditures and facilities spending