Boeing appointed aerospace veteran Robert “Kelly” Ortberg as its new CEO on Wednesday, succeeding Dave Calhoun, who is retiring.

Ortberg, known for his leadership at Rockwell Collins, will take over as Boeing navigates a period of reputational and financial challenges.

Shares rose 2.9% in premarket trading following the announcement. Boeing also reported a $1.4 billion loss for the previous quarter, Fox Business has reported.

The leadership change comes amid ongoing issues, including a major incident on January 5 when a Boeing Max 9 door plug malfunctioned in midair, leading to a temporary FAA grounding of some Boeing planes and ongoing lawsuits from affected passengers.

Written by B.C. Begley