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Boeing has named Kelly Ortberg as its new CEO and president following a turbulent year for the company.

What’s the deal: Ortberg will officially take the reins as the new CEO and president of Boeing next Wednesday. He will succeed David Calhoun, who announced in March his decision to step down by the end of the year. Calhoun’s tenure has seen the company through a tumultuous period, and Ortberg, the former CEO of Rockwell Collins, is expected to lead Boeing as it faces numerous challenges.

A rough time: Ortberg’s arrival at Boeing comes as the company faces significant challenges, including a financial loss of $1.4 billion in the second quarter. The company has been under intense scrutiny following a series of incidents, such as a panel blowout on a 737 Max 9 jet in January and fatal crashes of two 737 Max 8 jets in 2018 and 2019 that led to a guilty plea for fraud. Further complicating its situation are ongoing allegations and probes of manufacturing shortcuts brought to light by whistleblowers. Additionally, the company has been hampered by the FAA imposing a limit on the production expansion of the 737 Max jets, capping it at 38 aircraft per month.

What the new CEO said: In a statement following the announcement, Ortberg said, “I’m extremely honored and humbled to join this iconic company. Boeing has a tremendous and rich history as a leader and pioneer in our industry, and I’m committed to working together with the more than 170,000 dedicated employees of the company to continue that tradition, with safety and quality at the forefront. There is much work to be done, and I’m looking forward to getting started.”

What Boeing said: In a statement, Boeing Chairman Steven Mollenkopf said, “The Board conducted a thorough and extensive search process over the last several months to select the next CEO of Boeing and Kelly has the right skills and experience to lead Boeing in its next chapter. Kelly is an experienced leader who is deeply respected in the aerospace industry, with a well-earned reputation for building strong teams and running complex engineering and manufacturing companies. We look forward to working with him as he leads Boeing through this consequential period in its long history.”