Boeing’s stock has faced pressure after an incident involving an Alaska Airlines Boeing 737 Max 9, leading to FAA grounding and an investigation into Boeing’s manufacturing processes.
Shark Tank star Kevin O’Leary, a former Boeing shareholder, expressed frustration over the incident and questioned the management’s ability to address recurring issues.
O’Leary highlighted the complexity of the engineering and supply chain problem, acknowledging the safety of Boeing’s aircraft.
Every nine months, we watch as Boeing struggles with a new fleet issue. The management needs to be questioned about why this keeps happening. Frequent fleet groundings are an indication of supply chain and engineering complexity rather than a technical error.
Even though flying… pic.twitter.com/qcRiRmFDBF
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) January 12, 2024
“I was a shareholder of Boeing for years and it was one of the best performing stocks in my portfolio until these issues around execution started,” O’Leary said. “It’s been brutal. Every nine months we get another event like this.”
“At some point, you have to look at the management and say, wait a second, why does this keep happening? Why is the entire fleet grounded yet again?”
“This is a very complicated engineering and supply chain issue in building these remarkable aircraft, which by the way, the safety factor is still the safest way to travel,” he said, expressing pity for the company’s executives.
Since the incident, Boeing’s share price has dropped by nearly 10%.
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