Dave Calhoun, the Boming CEO, sitting down with Bloomberg's guy Chance. The conversation you want to tune into. Let's take a listen. Recently, you've obviously had a series of safety incidents that have put you back. You're seeing that reflected in the financials. You are now on a journey to change the culture of the business, to put the financials back on a more even keel. We see this day in and day out. Give me a sense of the timeline you're working with here. How long is this process gonna take?

Dave Calhoun, the Boming CEO, sitting down with Bloomberg's guy Chance. The conversation you want to tune into. Let's take a listen. Recently, you've obviously had a series of safety incidents that have put you back. You're seeing that reflected in the financials. You are now on a journey to change the culture of the business, to put the financials back on a more even keel. We see this day in and day out. Give me a sense of the timeline you're working with here. How long is this process gonna take?

First of all, the best answers to the question, is it's going to take as long as it's going to take.

First of all, the best answers to the question, is it's going to take as long as it's going to take.

Yep.

Yep.

And one of the flaws any of us can get into is to predict that moment. But I can predict circumstances that will define those moments.

And one of the flaws any of us can get into is to predict that moment. But I can predict circumstances that will define those moments.

Everybody knows.

Everybody knows.

When this started, it was with a couple of horrific, horrific accidents where lives were lost. A company at that moment in time had a very difficult experience what I call the lack of transparency, the unwillingness to take responsibility immediately.

When this started, it was with a couple of horrific, horrific accidents where lives were lost. A company at that moment in time had a very difficult experience what I call the lack of transparency, the unwillingness to take responsibility immediately.

And I've been candid about that.

And I've been candid about that.

I believe transparency of all things and relative to all cultures, is about the most powerful word I've ever seen. Any company, especially large scale companies, who are willing to be transparent about everything, they'll suffer less because the minute you start to hide something in a big company, others notice and they might hide. And I'm not suggesting there was nefarious or anything of the sort, but transparency is.

I believe transparency of all things and relative to all cultures, is about the most powerful word I've ever seen. Any company, especially large scale companies, who are willing to be transparent about everything, they'll suffer less because the minute you start to hide something in a big company, others notice and they might hide. And I'm not suggesting there was nefarious or anything of the sort, but transparency is.

Like the most critical thing in the world.

Like the most critical thing in the world.

And when we started this what I call the recovery moment, which was beginning of twenty twenty, we made wholesale changes to the leadership team, We made wholesale changes, began wholesale changes to the board.

And when we started this what I call the recovery moment, which was beginning of twenty twenty, we made wholesale changes to the leadership team, We made wholesale changes, began wholesale changes to the board.

We stopped production of the Max.

We stopped production of the Max.

So we went a full year year in a month without producing a single airplane. Created a safety office based on lots of experiences that the FAA had working directly with airlines. Ironically, they mandated a safety management system for airlines, but not yet for the manufacturers of the supply chain in the industry.

So we went a full year year in a month without producing a single airplane. Created a safety office based on lots of experiences that the FAA had working directly with airlines. Ironically, they mandated a safety management system for airlines, but not yet for the manufacturers of the supply chain in the industry.

So we decided we would take that.

So we decided we would take that.

We would learn everything that we could create a safety office, and most importantly in that is stay tuned to the fleet, know what it's doing every day all day, and then be transparent about everything you see and get good at that. So take that forward, and this is where I'll start to approach the experience we had with Alaska Airlines, which was the depressurization event and the escape of the door.

We would learn everything that we could create a safety office, and most importantly in that is stay tuned to the fleet, know what it's doing every day all day, and then be transparent about everything you see and get good at that. So take that forward, and this is where I'll start to approach the experience we had with Alaska Airlines, which was the depressurization event and the escape of the door.

So our supply chain.

So our supply chain.

And ourselves started production in the first month of twenty twenty one from a rate of zero and a workforce.

And ourselves started production in the first month of twenty twenty one from a rate of zero and a workforce.

While we hadn't laid it off.

While we hadn't laid it off.

We had moved it to a whole variety of places around our factories, and then we had to move them back and remobilize all of that effort.

We had moved it to a whole variety of places around our factories, and then we had to move them back and remobilize all of that effort.

At the same time. I haven't even mentioned COVID.

At the same time. I haven't even mentioned COVID.

That happened, so demand for airplanes fell precipitously. We know that it also shut down our two factories because the first case in the US was right between them, literally, so we had a moment that's hard to describe.

That happened, so demand for airplanes fell precipitously. We know that it also shut down our two factories because the first case in the US was right between them, literally, so we had a moment that's hard to describe.

But then we had to begin the mobilization.

But then we had to begin the mobilization.

And I would agree with everything Giome said about the supply chain and the ramifications of COVID on the supply chain, the turnover of experienced people, the loss of really important skills, and then coming back in a much slower and maybe a bigger word sporadic pace than any of us had hoped for. Maybe we should have expected it, but at least we were hoping for better than that. So for twenty one and twenty two and twenty three, we were gradually bringing up the rates. Demand for airplanes came back faster than any of us ever imagined it would, and it came back in a robust way. We were increasing our rates, but a little bit of an issue began to arise. You may know, when nonconformance gets to your factory and you have the capability to fix it, you do, and you can do one of those, and you do two of those. But when it starts to overwhelm the positions in your factory and you're doing more and more of that kind of work, or simply trying to accommodate a part that didn't show up. Ye didn't show up when it was supposed to be to in position two, let's do it in position four. So this happens, and it migrates, and it migrates into the factory. And I will say, while it was not the specific cause to Alaska, in my view, it was the systemic cause. It was the issue that created the opportunity a little bad behavior without a doubt on the part of somebody who we don't know yet, but it created an opportunity in the last position of a factory to then allow for an escape which we are not allowed to do and never will be allowed to do. So that was sort of a you know, a short story of a long set of issues.

And I would agree with everything Giome said about the supply chain and the ramifications of COVID on the supply chain, the turnover of experienced people, the loss of really important skills, and then coming back in a much slower and maybe a bigger word sporadic pace than any of us had hoped for. Maybe we should have expected it, but at least we were hoping for better than that. So for twenty one and twenty two and twenty three, we were gradually bringing up the rates. Demand for airplanes came back faster than any of us ever imagined it would, and it came back in a robust way. We were increasing our rates, but a little bit of an issue began to arise. You may know, when nonconformance gets to your factory and you have the capability to fix it, you do, and you can do one of those, and you do two of those. But when it starts to overwhelm the positions in your factory and you're doing more and more of that kind of work, or simply trying to accommodate a part that didn't show up. Ye didn't show up when it was supposed to be to in position two, let's do it in position four. So this happens, and it migrates, and it migrates into the factory. And I will say, while it was not the specific cause to Alaska, in my view, it was the systemic cause. It was the issue that created the opportunity a little bad behavior without a doubt on the part of somebody who we don't know yet, but it created an opportunity in the last position of a factory to then allow for an escape which we are not allowed to do and never will be allowed to do. So that was sort of a you know, a short story of a long set of issues.

But what do you do when this stuff happens? You? You know, this is what I love about the industry, just for what it's worth.

But what do you do when this stuff happens? You? You know, this is what I love about the industry, just for what it's worth.

Eighteen or nineteen eighty nine, a United Airlines lost aircraft in Sioux City, Iowa, and there were.

Eighteen or nineteen eighty nine, a United Airlines lost aircraft in Sioux City, Iowa, and there were.

Many fatalities. I was a ge.

Many fatalities. I was a ge.

It was a total moment for Ge on the subject to say, if he a complete overhaul of the business, the company, its approach to engineering, the maturity of design practices, and the allegiance to the skills that are required to perfect the mature a design practice. Lots of details, but it was an overhaul of the entire company.

It was a total moment for Ge on the subject to say, if he a complete overhaul of the business, the company, its approach to engineering, the maturity of design practices, and the allegiance to the skills that are required to perfect the mature a design practice. Lots of details, but it was an overhaul of the entire company.

And I also remember when.

And I also remember when.

I came in as CEO at the end of the next decade in nineteen nineties, it was it's like it happened yesterday. Every employee remembered it, they understood it, their commitment. Design practice has always started with a brief discussion on what happened in Sioux City.

I came in as CEO at the end of the next decade in nineteen nineties, it was it's like it happened yesterday. Every employee remembered it, they understood it, their commitment. Design practice has always started with a brief discussion on what happened in Sioux City.

That's going to be us. That's going to be us.

That's going to be us. That's going to be us.

And I don't know exactly when that moment is, when we're starting to feel really stable. I think in the engineering world and our commitment in the design space, human factors, all the things that led to the real tragedies at Lionair and in Ethiopia, I believe that those fixes are in place, and now we're maturing, maturing, and we don't forget. And now I think in this Alaska moment and the escape that we got from our factory, I think the comprehensiveness of our plan, our willingness to take responsibility in the first instance, send a clear message to all of our company. The transparency will be paramount in this process. We presented this comprehensive plan to our regulator. Here's one thing I want to makeure everybod understands this is our plan. It's not our regulator's plan. This is our plan. It's not our regulator's plan. They will provide oversight like they do and they will regulate us, but it has to be us. We got to believe in it, we gotta love it. We got to want to do it, and we got to take the.

And I don't know exactly when that moment is, when we're starting to feel really stable. I think in the engineering world and our commitment in the design space, human factors, all the things that led to the real tragedies at Lionair and in Ethiopia, I believe that those fixes are in place, and now we're maturing, maturing, and we don't forget. And now I think in this Alaska moment and the escape that we got from our factory, I think the comprehensiveness of our plan, our willingness to take responsibility in the first instance, send a clear message to all of our company. The transparency will be paramount in this process. We presented this comprehensive plan to our regulator. Here's one thing I want to makeure everybod understands this is our plan. It's not our regulator's plan. This is our plan. It's not our regulator's plan. They will provide oversight like they do and they will regulate us, but it has to be us. We got to believe in it, we gotta love it. We got to want to do it, and we got to take the.

Pain that goes with slowing down the factory. We got to take the pain.

Pain that goes with slowing down the factory. We got to take the pain.

And if we slow it down and stick to the disciplines that will synchronize this supply chain with the insatiable demand for airplanes and stay disciplined on that, we will put all this in a rearview mirror and we will be way better for it. And there will be a moment later in life where someone will look back and say, this may have been the most important moment in Boeing's life.

And if we slow it down and stick to the disciplines that will synchronize this supply chain with the insatiable demand for airplanes and stay disciplined on that, we will put all this in a rearview mirror and we will be way better for it. And there will be a moment later in life where someone will look back and say, this may have been the most important moment in Boeing's life.

So what advice do you give to your success? What kind of person does that success need to be? You just lay out what needs to happen, What kind of person is going to be delivering that kind of plan. What kind of person would you like to see? What kind of person needs to be in your chair to do what you've just described.

So what advice do you give to your success? What kind of person does that success need to be? You just lay out what needs to happen, What kind of person is going to be delivering that kind of plan. What kind of person would you like to see? What kind of person needs to be in your chair to do what you've just described.

Again, I'll just start with a word transparency. You just can't click for a minute, There's there are no.

Again, I'll just start with a word transparency. You just can't click for a minute, There's there are no.

But is it an external candidate?

But is it an external candidate?

Is it an internal I know, guy, I'm not going there. So well, we can.

Is it an internal I know, guy, I'm not going there. So well, we can.

Go anywhere you want, but we're not We're not going there. I will just tell you this it'll be a deliberate process. It is Yep, it has been thought through. They will get to a conclusion. It'll be a great one and I'll be the most supportive player on the field.

Go anywhere you want, but we're not We're not going there. I will just tell you this it'll be a deliberate process. It is Yep, it has been thought through. They will get to a conclusion. It'll be a great one and I'll be the most supportive player on the field.

But it's going to be it's going to be an ongoing journey. This is not something that's going to be completed easily or quick. What you've just described is something that happened over many years. How symmetrical it's been.

But it's going to be it's going to be an ongoing journey. This is not something that's going to be completed easily or quick. What you've just described is something that happened over many years. How symmetrical it's been.

Again, you're getting way too into this one, this process and the thought process around what it takes and what it is, who it is.

Again, you're getting way too into this one, this process and the thought process around what it takes and what it is, who it is.

And remember I'm sixty seven going on sixty eight.

And remember I'm sixty seven going on sixty eight.

This is not like we woke up and here, let's go do it. It's a methodical It'll be well done well, and it'll be well articulated, and it'll be timely.

This is not like we woke up and here, let's go do it. It's a methodical It'll be well done well, and it'll be well articulated, and it'll be timely.

And Boeing will be a different company as a result of it. Is.

And Boeing will be a different company as a result of it. Is.

It is a different company. If I didn't believe that, I wouldn't go Everything that we've put in place, our commitment to transparency, the extent to which we practiced it post Alaska, the extent to which we practiced it post Alaska, in full visibility to every interest that had been surrounding us for the last five years made a difference and it will continue to make a difference. And I believe anybody, and by the way, our board now is educated on what it means.

It is a different company. If I didn't believe that, I wouldn't go Everything that we've put in place, our commitment to transparency, the extent to which we practiced it post Alaska, the extent to which we practiced it post Alaska, in full visibility to every interest that had been surrounding us for the last five years made a difference and it will continue to make a difference. And I believe anybody, and by the way, our board now is educated on what it means.

Anybody who comes into.

Anybody who comes into.

This role has to start with that thought process, that notion and the rest of these initiatives and efforts. In my view, that'll be the momentums there. It'll continue. And if I always give somebody a warning sign, it's pace. First question. First question you ask me, when is it going to be done? Well, it's going to be done. When it's going to be done, and be patient and keep the supply chain synchronized.

This role has to start with that thought process, that notion and the rest of these initiatives and efforts. In my view, that'll be the momentums there. It'll continue. And if I always give somebody a warning sign, it's pace. First question. First question you ask me, when is it going to be done? Well, it's going to be done. When it's going to be done, and be patient and keep the supply chain synchronized.

The metrics we should look out for, the metrics moster.

The metrics we should look out for, the metrics moster.

Actually we posted the metrics that we're looking at, so they're transparent for everybody, transparent for our regulator. So yes, And what those metrics are meant to represent in a factory is stability.

Actually we posted the metrics that we're looking at, so they're transparent for everybody, transparent for our regulator. So yes, And what those metrics are meant to represent in a factory is stability.

How important is Bowing to America.

How important is Bowing to America.

I you know, I believe it's the most important company in the world. And I'm not objective, but here's the thing.

I you know, I believe it's the most important company in the world. And I'm not objective, but here's the thing.

Here's the thing. Our mission is to protect, connect and explore the world. Just think for a second about each of those how.

Here's the thing. Our mission is to protect, connect and explore the world. Just think for a second about each of those how.

Important they are to the world, and particularly now I love Gilm's answer to the question on do we need four or five more competitors?

Important they are to the world, and particularly now I love Gilm's answer to the question on do we need four or five more competitors?

We need two great ones, and yeah, there will be, there will be.

We need two great ones, and yeah, there will be, there will be.

We have course we do.

We have course we do.

Of course we do. Of course we do.

Of course we do. Of course we do.

We take off and land every second of every day, every second of every day, we deliver safe air planes. This is this is if I've no question about about that.

We take off and land every second of every day, every second of every day, we deliver safe air planes. This is this is if I've no question about about that.

But just stop for a minute. There's two guys that do this.

But just stop for a minute. There's two guys that do this.

Connect the protect which nobody really talks about with respect to Boeing and the work that we do for our US military, and now, way more importantly, as we move forward, the growing work we do for the allied forces around the world who are all contending.

Connect the protect which nobody really talks about with respect to Boeing and the work that we do for our US military, and now, way more importantly, as we move forward, the growing work we do for the allied forces around the world who are all contending.

With new threats.

With new threats.

That's a whole new It's not a whole new opportunity, but it is an opportunity that is getting all the emphasis that it could possibly be getting. And as long as we continue to develop products that are relevant to those new threats, will be in a great place.

That's a whole new It's not a whole new opportunity, but it is an opportunity that is getting all the emphasis that it could possibly be getting. And as long as we continue to develop products that are relevant to those new threats, will be in a great place.

In terms of let's just circle back a little bit. Do we need an Is there an engineering quality that you need to run this company? Do you need to get your hands dirty and understand what is happening on the short floor. Is that ultimately, well, if.

In terms of let's just circle back a little bit. Do we need an Is there an engineering quality that you need to run this company? Do you need to get your hands dirty and understand what is happening on the short floor. Is that ultimately, well, if.

The answer, if you're directing that at me like every popular.

The answer, if you're directing that at me like every popular.

Media, no, no, no, no, I'm not I'm not. I'm wondering what really what I'm asking you is the success The question is is this Is this an engineering problem? If there's no talent problem, is.

Media, no, no, no, no, I'm not I'm not. I'm wondering what really what I'm asking you is the success The question is is this Is this an engineering problem? If there's no talent problem, is.

It a it's no one problem.

It a it's no one problem.

The engineering talents in our company are are enormous.

The engineering talents in our company are are enormous.

Yep, I've I've been.

Yep, I've I've been.

Hanging around a lot of engineering companies and interest for a long time. Yeah, I've never seen one with more breadth and more skill in my life. It has to be organized, It has to be applied in a discipline way with respect to a successor. They're not going to engineer anything. If they engineer something, that's when we should all run for the hills.

Hanging around a lot of engineering companies and interest for a long time. Yeah, I've never seen one with more breadth and more skill in my life. It has to be organized, It has to be applied in a discipline way with respect to a successor. They're not going to engineer anything. If they engineer something, that's when we should all run for the hills.

Okay.

Okay.

So they have to be keenly.

So they have to be keenly.

Aware of where the engineering expertise lies and to make sure it's supported in every way it can be, and that it gets the last vote on everything, and it gets the last vote on everything. So that's what you do. Manufacturing processes. Do I have to assemble airplanes? Does my successor need to assemble airplanes?

Aware of where the engineering expertise lies and to make sure it's supported in every way it can be, and that it gets the last vote on everything, and it gets the last vote on everything. So that's what you do. Manufacturing processes. Do I have to assemble airplanes? Does my successor need to assemble airplanes?

No.

No.

Does it need to know the factory stable. Does it have to have the metrics in place that provide for that. Does it have to have the residence, skills and proficiencies in place to make sure that's the case? Answers Yes, and there is all of that. It has to be organized. We got to wake up call to do it even better, and that's what we do. We just focus on it and just do it.

Does it need to know the factory stable. Does it have to have the metrics in place that provide for that. Does it have to have the residence, skills and proficiencies in place to make sure that's the case? Answers Yes, and there is all of that. It has to be organized. We got to wake up call to do it even better, and that's what we do. We just focus on it and just do it.

Again. Coming back to the point you raised about competition, this is a point of disruption though in the industry. I'd come back to the sustainability question. This is the point of disruption in the industry. If Boeing's looking that way, is it going to be distracted from the disruption that is taking place in this industry? Potentially? Are you, by having to go through this process leaving yourself open to the distruction we've seen in the ev Sex even going to look at what's happening here in Europe with the car industry, there are others that are that are interested in what you do and want to do it better. How do you make sure that that doesn't happen.

Again. Coming back to the point you raised about competition, this is a point of disruption though in the industry. I'd come back to the sustainability question. This is the point of disruption in the industry. If Boeing's looking that way, is it going to be distracted from the disruption that is taking place in this industry? Potentially? Are you, by having to go through this process leaving yourself open to the distruction we've seen in the ev Sex even going to look at what's happening here in Europe with the car industry, there are others that are that are interested in what you do and want to do it better. How do you make sure that that doesn't happen.

Well, what we did and of the things I'm very confident is what we did is we sustained all of the major technology research programs and development programs related to the technologies we think play on the next platform. All of these have to be developed, tested, matured before you can actually design an airplane that increates it. Yep, And that's a lesson all of us have learned, who have ever developed an airplane.

Well, what we did and of the things I'm very confident is what we did is we sustained all of the major technology research programs and development programs related to the technologies we think play on the next platform. All of these have to be developed, tested, matured before you can actually design an airplane that increates it. Yep, And that's a lesson all of us have learned, who have ever developed an airplane.

Make sure you take the time to mature those things.

Make sure you take the time to mature those things.

But I feel very good about the portfolio of capabilities that we will bring to that airplane, very good about it. And again, you take the time to make sure they're mature and ready, and there will be some significant changes as we go forward. Yes, efficiency is the one that we all talk about, but I think autonomy is another one.

But I feel very good about the portfolio of capabilities that we will bring to that airplane, very good about it. And again, you take the time to make sure they're mature and ready, and there will be some significant changes as we go forward. Yes, efficiency is the one that we all talk about, but I think autonomy is another one.

That everybody should talk more about.

That everybody should talk more about.

Doesn't mean pilotless, it just means autonomy capable.

Doesn't mean pilotless, it just means autonomy capable.

Okay, let's just think about that for a moment. We're struggling to certify derivatives of current aircraft. What do you think the regulators are going to think about? How much of a lag is there going to be in new airplanes coming to market? When do you think you're going to be This is the question that you're not going to answer. Yeah, exactly, But let's assume that it's within the next ten years. How long let's say let's say it's ten years from now, how long would it take to certify that aeroplane and is that how much? How much of a slowdown in the process is not going to mean.

Okay, let's just think about that for a moment. We're struggling to certify derivatives of current aircraft. What do you think the regulators are going to think about? How much of a lag is there going to be in new airplanes coming to market? When do you think you're going to be This is the question that you're not going to answer. Yeah, exactly, But let's assume that it's within the next ten years. How long let's say let's say it's ten years from now, how long would it take to certify that aeroplane and is that how much? How much of a slowdown in the process is not going to mean.

Yeah, I can't predict that. I will say this.

Yeah, I can't predict that. I will say this.

We are we are an applicant for an autonomous civil vehicle with our small air tax he called whisk Yep.

We are we are an applicant for an autonomous civil vehicle with our small air tax he called whisk Yep.

We're an applicant, and that.

We're an applicant, and that.

Means that the regulator has accepted the application, and that means they're organizing themselves to certify autonomy and to develop an approach they can codify. And it's one of the big reasons that we're invested in risk. It's one of the big reasons. And I have a lot of confidence that that that airplane will not only hit the market, but it will be deemed safe and it will demonstrate.

Means that the regulator has accepted the application, and that means they're organizing themselves to certify autonomy and to develop an approach they can codify. And it's one of the big reasons that we're invested in risk. It's one of the big reasons. And I have a lot of confidence that that that airplane will not only hit the market, but it will be deemed safe and it will demonstrate.

That you talked before about how importance Boeing is to America and to the world. But let's let me ask you a question. The we're gonna we're gonna have an election in November. What do you want to see from the next administration? What is Boeing want to from the next administration.

That you talked before about how importance Boeing is to America and to the world. But let's let me ask you a question. The we're gonna we're gonna have an election in November. What do you want to see from the next administration? What is Boeing want to from the next administration.

Yeah, well we're everybody knows I think, Uh, we're a company that relies on trade.

Yeah, well we're everybody knows I think, Uh, we're a company that relies on trade.

Free trade to us will always be sort.

Free trade to us will always be sort.

Of first on the list of desires. I'll be the first to acknowledge that that seems to be going in the wrong direction and has been for quite something.

Of first on the list of desires. I'll be the first to acknowledge that that seems to be going in the wrong direction and has been for quite something.

To worry.

To worry.

Yeah, I'm worried.

Yeah, I'm worried.

I'm worried that the ramifications of isolation are gonna are gonna I don't want to overstate the word, but they're gonna bring down economies.

I'm worried that the ramifications of isolation are gonna are gonna I don't want to overstate the word, but they're gonna bring down economies.

They just are. They just are. Now.

They just are. They just are. Now.

I happen to be in an industry because choices are limited and because needs are great. It probably won't hit me first, But I worry about isolation with respect to the economic ramifications for lots of countries and lots of people, and isolation then breeds disenchantment, and disenchantment ultimately it's political turnover. So I that's the world I worry about with respect to isolation, and I don't like any of the signs I see.

I happen to be in an industry because choices are limited and because needs are great. It probably won't hit me first, But I worry about isolation with respect to the economic ramifications for lots of countries and lots of people, and isolation then breeds disenchantment, and disenchantment ultimately it's political turnover. So I that's the world I worry about with respect to isolation, and I don't like any of the signs I see.

Okay, how does that? How does that change the way you think about the way the buying is going to operate.

Okay, how does that? How does that change the way you think about the way the buying is going to operate.

We're going to run hard, continue to build the world's best airplane. And then we're going to compete, and I'm gonna lobby every day all day for free trade.

We're going to run hard, continue to build the world's best airplane. And then we're going to compete, and I'm gonna lobby every day all day for free trade.

Does it stop this? Does it stop the sustainability story? Just cooperate?

Does it stop this? Does it stop the sustainability story? Just cooperate?

No?

No?

No, I've heard building bridges number of times today. What you're describe me, it's not building bridges, it's it's blowing them up.

No, I've heard building bridges number of times today. What you're describe me, it's not building bridges, it's it's blowing them up.

It's what I'm observing, and I suspect you are too. So we just have to be honest about what we observe. We have to express our concern for what may happen as a result, and those in industry I think have a pretty good picture on that. And then we have to lobby and convince the public and politicians that free trades in everybody's best interest.

It's what I'm observing, and I suspect you are too. So we just have to be honest about what we observe. We have to express our concern for what may happen as a result, and those in industry I think have a pretty good picture on that. And then we have to lobby and convince the public and politicians that free trades in everybody's best interest.

Is there a dang to the sustainable the story ends up becoming we went through the the launch a saga. We'll remember that. Is there a danger that we end up balkanizing this process of sustainability, balkanizing the process of the next next generation of aeroplanes, that there is no cooperation and it becomes a an effort that is that is driven by industrial policy with very domestic purposes of mind and in mind.

Is there a dang to the sustainable the story ends up becoming we went through the the launch a saga. We'll remember that. Is there a danger that we end up balkanizing this process of sustainability, balkanizing the process of the next next generation of aeroplanes, that there is no cooperation and it becomes a an effort that is that is driven by industrial policy with very domestic purposes of mind and in mind.

Well that's a description of a of an end game. I have no interest in UH.

Well that's a description of a of an end game. I have no interest in UH.

I don't think it gets there. I really don't think it gets there.

I don't think it gets there. I really don't think it gets there.

UH.

UH.

And it's with respect to this industry.

And it's with respect to this industry.

This industry, we have allied nations supporting both UH.

This industry, we have allied nations supporting both UH.

Both supply sides. In my view, that will play well.

Both supply sides. In my view, that will play well.

Ultimately. We know we're going to have a competitor from China. We have a keen awareness for all of that. We should not be afraid of it. We should continue to develop technologies. I agree with Gillolme's comments completely. Just keep developing technologies the world needs and wants, compete with the best of the best. In my case, yep, that's killome. He would probably say the same. We just keep trying to outdo each other, and that's what we keep running. I think a China competitor's got a long way to go on that front, measured in decades and decades, not in years.

Ultimately. We know we're going to have a competitor from China. We have a keen awareness for all of that. We should not be afraid of it. We should continue to develop technologies. I agree with Gillolme's comments completely. Just keep developing technologies the world needs and wants, compete with the best of the best. In my case, yep, that's killome. He would probably say the same. We just keep trying to outdo each other, and that's what we keep running. I think a China competitor's got a long way to go on that front, measured in decades and decades, not in years.

How should government support bog and Airbus? How should government support the process of building the next generation of aeroplanes? How should government supports the sustainability story that we're all hopefully on the journey we're all on.

How should government support bog and Airbus? How should government support the process of building the next generation of aeroplanes? How should government supports the sustainability story that we're all hopefully on the journey we're all on.

I think they have to mandate sustainability. I think we're all committed to it, so I'm not suggesting we need a slap in the face, but there are certain things that will have to happen policy wise that create the absolute need and more importantly, confidence that we are down that path. And that's all things sustainable fuel, all things sustainable aviation fuel. That is, that's the answer that gets us even close to our objectives by twenty fifty. So I'm in great favor of those kinds of policies, subject to the political sides understanding of what capabilities and timeframes are required to get there, and I believe we have tools across our industry. We have one we call Cascade where you can do the math really easily, like in an hour, to figure out what policy objective will do to emissions in the next twenty twenty five years.

I think they have to mandate sustainability. I think we're all committed to it, so I'm not suggesting we need a slap in the face, but there are certain things that will have to happen policy wise that create the absolute need and more importantly, confidence that we are down that path. And that's all things sustainable fuel, all things sustainable aviation fuel. That is, that's the answer that gets us even close to our objectives by twenty fifty. So I'm in great favor of those kinds of policies, subject to the political sides understanding of what capabilities and timeframes are required to get there, and I believe we have tools across our industry. We have one we call Cascade where you can do the math really easily, like in an hour, to figure out what policy objective will do to emissions in the next twenty twenty five years.

So that's what we need to do. I don't think how.

So that's what we need to do. I don't think how.

I don't think our industry needs financial help to develop airplanes.

I don't think our industry needs financial help to develop airplanes.

Do we all do? Fine?

Do we all do? Fine?

We have capital markets that want to support and if anybody knows the extent which capital markets want to step in and support our industry, it would be me. Because we were in a desperate need at a desperate moment, and it came, and it came fast, and it came in a big way. So I don't think capital markets are constraint for our industry by any stretch of the imagination. So I do think, though, on the subject of sustainability, intelligent policy will help to mandate the.

We have capital markets that want to support and if anybody knows the extent which capital markets want to step in and support our industry, it would be me. Because we were in a desperate need at a desperate moment, and it came, and it came fast, and it came in a big way. So I don't think capital markets are constraint for our industry by any stretch of the imagination. So I do think, though, on the subject of sustainability, intelligent policy will help to mandate the.

Outcome You're going to Dorman, Dude, I had time. Is there a lesson in that? Is that something we should think about? In that history Europe and the United States? It feels like we're maybe growing apart rather than growing together. How do we think about that?

Outcome You're going to Dorman, Dude, I had time. Is there a lesson in that? Is that something we should think about? In that history Europe and the United States? It feels like we're maybe growing apart rather than growing together. How do we think about that?

I probably would. Normandy has all kinds of meanings for me, mostly personal.

I probably would. Normandy has all kinds of meanings for me, mostly personal.

Uh.

Uh.

You know, my dad dropped in one hundred and first on the other side of the enemy line, and there's a lot of stories about how it happened. My point in saying that is that that story, I mean, it captures you like you can't believe it, feel like you're watching a movie. But I've never seen anything that reminded me in my time of that what would have been that moment for him? Until I saw the Russian invasion of Ukraine that all of a sudden looked to me like, wow, that might have been a moment he went through. So for me, I want to see NATO. I want to see the support for NATO grow. I want to see the understanding of what the ramifications of a week NATO would mean. And I never want to see a war. So I'm going to Normandy for lots of personal reasons. But I think we're in a moment.

You know, my dad dropped in one hundred and first on the other side of the enemy line, and there's a lot of stories about how it happened. My point in saying that is that that story, I mean, it captures you like you can't believe it, feel like you're watching a movie. But I've never seen anything that reminded me in my time of that what would have been that moment for him? Until I saw the Russian invasion of Ukraine that all of a sudden looked to me like, wow, that might have been a moment he went through. So for me, I want to see NATO. I want to see the support for NATO grow. I want to see the understanding of what the ramifications of a week NATO would mean. And I never want to see a war. So I'm going to Normandy for lots of personal reasons. But I think we're in a moment.

I just do.

I just do.

And if we don't know it, we ought to get real about it. And I think we ought to support every element of NATO, every element of NATO. I was in Poland, of course, was on the front line yesterday all day. This is what we talk about. I've had good toss discussions here. We just have to understand the threat.

And if we don't know it, we ought to get real about it. And I think we ought to support every element of NATO, every element of NATO. I was in Poland, of course, was on the front line yesterday all day. This is what we talk about. I've had good toss discussions here. We just have to understand the threat.

It's real.

It's real.

And I think I saw a glimpse of what all of the all of the protectors of France in this case, an enormity uh faced.

And I think I saw a glimpse of what all of the all of the protectors of France in this case, an enormity uh faced.

Ladies and gentlemen. Dave cal thank you,

Ladies and gentlemen. Dave cal thank you,