After a series of aircraft malfunctions, management challenges, and a strike by more than 33,000 machinists in 2024, Boeing has seen significant changes in its executive leadership over the past year. Malave began his tenure as EVP and CFO on Aug. 15, succeeding Brian West, who served as finance chief for four years. Kelly Ortberg became Boeing’s president and CEO in August 2024.​

Speaking Tuesday at the UBS Global Industrials and Transportation Conference, Malave said that, by the time he joined the company, he was already benefiting from culture changes Ortberg had put in motion.​

“What I’ve seen is a really engaged workforce, a very strong management team—one that has a can-do attitude,” Malave said. Management is focused on improvement and making Boeing better every day, he said. “To me, that is incredibly important, because that’s a sign of a performance culture, and that’s one of the things you look for when you join a company,” Malave said. “You can never really tell from the outside looking in what it’s actually like working in the company.”​

He described “active management” as a leadership team that is “willing to roll up its sleeves, get its hands dirty, help solve problems, and be part of the solutions—and that’s exactly what I see here at Boeing,” he said. “I’m that type of person who likes to get into the details, to focus on how we solve a problem rather than just observing it. From my perspective, I’ve been able to transition pretty easily into an environment like that.”​

At Boeing (No. 63 on the Fortune 500), Malave leads the finance organization, as well as strategy, business planning, and global real estate, and he serves on the company’s executive council. He was most recently CFO of Lockheed Martin and previously held senior finance roles at L3Harris Technologies. He also spent more than 20 years at United Technologies (UTC), including serving as CFO of Carrier Corporation when it was a UTC division.​

Boeing’s path back to positive cash flow

During the conversation, Malave also sketched out a financial reset for Boeing. He expects the company to move back into positive free cash flow in 2026 in the low single-digit billions. This is dependent upon ramping up production of the 737 Max and 787 Dreamliner and working through its stockpile of undelivered jets.

Malave described next year as the start of rebuilding toward Boeing’s long-standing $10 billion annual cash-generation target, with higher production rates key toward that ambition. The outlook marks a sharp improvement from roughly $2 billion in expected free cash outflow in 2025, and his comments helped lift Boeing shares by nearly 10% on Tuesday.

Risk, opportunity—and no ‘grenades’ for BDS

In July, Boeing veteran Stephen Parker was appointed president and CEO of its Defense, Space & Security (BDS) business, after serving as interim leader since September 2024. Malave is temporarily separated from BDS because of his recent role at Lockheed Martin, and Boeing has formally agreed he will not take part in BDS activities until the end of the year to avoid potential conflicts of interest with his former employer.​

Malave stressed that he does not plan to disrupt the BDS portfolio once he is able to engage there. “I think there’s been some investor angst in terms of, once Jay Malave gets access to the BDS program, there’s going to be a bunch of grenades that go off on all these programs,” he said. “I’m there to learn.” He added, “In any program, there’s going to be risk, there’s going to be opportunities. My job will be: How can I help them mitigate risk, and how can I help them realize opportunities? I’m not going in there with a mandate or an agenda to throw grenades at different programs.”

SherylEstrada
sheryl.estrada@fortune.com

Leaderboard

Michele Allen was appointed CFO of Jersey Mike’s Subs, a franchisor of fast-casual sandwich shops, effective Dec. 1. Allen succeeds Walter Tombs, who is retiring from Jersey Mike’s in January after 26 years with the company. Allen brings more than 25 years of financial leadership experience. Most recently, she served as CFO and head of strategy at Wyndham Hotels & Resorts. Allen began her career with Deloitte as an auditor. 

 Jessica Ross was appointed CFO of GitLab Inc. (Nasdaq: GTLB), a DevSecOps platform, effective Jan. 15. Ross joins the company from Frontdoor, where she served as CFO. She has more than 25 years of experience in finance, accounting, and operational leadership at companies like Salesforce and Stitch Fix, and spent 12 years in public accounting at Arthur Andersen and Deloitte.

Big Deal

Adobe has released online shopping data for the 2025 holiday season covering Cyber Week, the five-day shopping period from Thanksgiving through Black Friday and Cyber Monday. Consumers spent a total of $14.25 billion online on Cyber Monday, up 7.1% year over year and above Adobe’s initial projection of $14.2 billion (up 6.3% year over year). During the peak hours of 8 to 10 p.m., consumers spent $16 million every minute, according to Adobe.​

Usage of the buy now, pay later payment method hit an all-time high on Cyber Monday, driving $1.03 billion in online spend (up 4.2% year over year), according to the data. Adobe also found that on Cyber Monday, AI-driven traffic to U.S. retail sites (measured by shoppers clicking on a link) increased by 670% compared with last year.

Going deeper

Overheard

“Today’s AI-ready employee brings more than technical skills — they work smarter, feel more fulfilled, and contribute more effectively.”

—Sarah Hoffman, director of AI Thought Leadership at AlphaSense, writes in a Fortune opinion piece. 

ELYRIA , Ohio— Facing the prospect of millions in deficits, Elyria City Council has chosen to maintain its municipal sanitation department while approving substantial rate increases over the next three years.

The decision came after a financial analysis by Rea Business Advisors warned that without action, the sanitation fund could fall more than $5 million into the red by 2031. The study, an update to similar research from 2018, examined current costs and projected financial needs through the end of the decade.

Adam Letera of Rea Business Advisors outlined several scenarios for council members at their Nov. 17 meeting: privatize services, implement moderate rate increases, or maintain the status quo. A 3% annual rate increase would only postpone a financial shortfall, while a 5% increase could sustain a positive fund balance. Without rate adjustments or privatization, the study projects the sanitation fund would face negative cash flow by 2026.

Despite the financial pressure, the Strategic Planning Committee voted last month to reject privatization. While privatization might offer lower rates, officials highlighted that city-run operations provide a level of service that a private contractor could not match.

On Nov. 24, the finance committee formalized the rate structure for the coming years. The approved plan implements a 5% increase annually for 2026, 2027 and 2028—matching the consultant’s recommendation for financial stability.

Safety Service Director Chris Pyanowski framed the rate adjustment as the necessary follow-up to keeping services municipal. He told the council that having voted to retain the department, members now needed to ensure it remains funded.

The incremental increases are designed to prevent service disruptions while maintaining the city’s full range of sanitation offerings.

Triodos Bank has unveiled its first integrated Climate & Nature Strategy, announcing a comprehensive approach to accelerate the energy transition, reduce financed emissions and increase investment in nature-based solutions.

The Triodos Bank energy transition strategy, ‘Dare to Act. Now.’, sets out measurable targets to drive climate and biodiversity action by 2030.

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Triodos Bank’s new four-pillar strategy marks the first time the bank has unified its climate and biodiversity ambitions.

The plan includes a commitment to cut absolute financed emissions by at least 42% by 2030, up from the 32% target set in 2022.

The focus is on three key activities that together account for 90% of the bank’s emissions footprint: business loans, mortgages, and listed equities and bonds managed by Triodos Investment Management.

Another pillar of the Triodos Bank energy transition strategy is the financing of 275 energy transition projects over the next five years. The bank aims to support next-generation, decentralised and community-led solutions, building on its “strong track record” in renewable energy finance.

The deal-count target is designed to ensure that finance reaches not only large utilities but also cooperatives, innovators and smaller community-led initiatives that often face challenges in accessing mainstream capital.

In addition to the energy transition targets, Triodos Bank plans to channel €500m ($580.39m) into high-integrity, nature-based solutions (NbS) by 2030. These projects are intended to deliver measurable ecological and social benefits, addressing both climate and biodiversity challenges together.

From 2026, the bank will begin reporting on its progress towards this investment goal, as well as on the positive biodiversity impacts of its financed projects. The aim is to provide greater transparency on how investments in NbS contribute tangible benefits for biodiversity.

Triodos Bank’s fourth strategy includes a strong advocacy component. The bank has called for systemic change in the financial sector.

It has stated that banks are still directing €650bn annually into fossil fuels, which sustains dependency on non-renewable energy sources.

The bank is advocating for international agreements such as the Fossil Fuel Non-Proliferation Treaty to phase out fossil fuels and create robust frameworks for high-integrity NbS.

Additionally, Triodos Bank is campaigning for energy-efficient housing and bio-based building standards.

As part of its advocacy, Triodos Bank has sought for binding rules including mandatory fossil-phase-out pathways for all banks; required short-term emissions reduction targets for 2030–35, with transparent action plans; alignment of financial regulation with the Paris Agreement and adherence to 1.5°C reduction pathways; separate targets for emissions reduction and carbon removal; and robust integrity standards for nature-based solutions.

Triodos Bank CEO Marcel Zuidam emphasised the interconnectedness of climate change and biodiversity loss, stating: “Climate change and biodiversity loss are not separate crises. They are deeply interconnected. Restoring ecosystems is essential to stabilising the climate, and climate action must protect biodiversity. Our strategy is about real reductions, real solutions and real leadership.

“We invite the financial sector to join us in embracing long-term well-being and taking action for a hopeful future. Together, we can drive the systemic change needed to stay within planetary boundaries. This means aligning financial flows with the Paris Agreement, investing in nature restoration and a clear road map to end the financing of the fossil fuel industry.”

Netherlands-based Triodos Bank has branches in Belgium, Germany, the UK and Spain.

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