Robert “Kelly” Ortberg faces a massive to-do list as Boeing’s new chief executive: a potential labour strike next month, improving quality and stabilising commercial jet production, rebuilding relationships with customers and regulators, and keeping Boeing’s credit rating north of junk territory.

Ortberg, 64, is a veteran aerospace executive coming out of retirement to take the reins at Boeing starting August 8, and will also join its board of directors. The storied manufacturer has pleaded guilty to a criminal charge, admitting it misled US regulators about a flight control system that caused two fatal crashes of the 737 Max. It is struggling to improve safety and quality processes in production after a door panel blew off a commercial flight in January.  

Boeing said in a regulatory filing that it will pay Ortberg an annual base salary of $1.5mn as well as incentives for next year valued at $20.5mn. This year, Ortberg will receive $1.25mn in cash and other remuneration valued at $16mn.