Boeing (NYSE:BA) is mounting what could be its most consequential turnaround in decades, with CEO Kelly Ortberg at the helm just ten months into a job many wouldn't touch. Since taking over, Ortberg has steadied the production line, particularly the embattled 737 Max, and helped rebuild investor confidencereflected in a 22% rally in the stock this year. But with lingering safety concerns, regulatory scrutiny, and $1.1 billion paid to avoid prosecution over prior crashes, the shadow of Boeing's past still looms large. As Ortberg heads to the Paris Air Show, he faces a pivotal test of Boeing's progress and promises.

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Ortberg is leaning into his supplier background to reset Boeing's frayed industrial relationships. He's publicly criticized the company's aggressive Partnering for Success program that left vendors squeezed and soured. Now, with FAA-imposed production caps and rising delivery pressure, rebuilding trust with suppliers is essential if Boeing wants to scale outputand cash flow. May marked the first time since 2020 that Boeing produced 38 Max jets in a single month, but future rate increases still hinge on regulatory greenlights. Meanwhile, industry leaders cautiously believe Boeing is turning the corner, but note that execution, not words, will be the true signal.

Still, culture may be the hardest fix. A recent employee survey revealed a steep drop in morale and trust in leadership compared to a decade ago. Ortberg is moving the needle, instituting new values, mandating executive accountability, and committing to worker engagementincluding direct union meetings with leadership. But critics argue change has been too slow, and victim families from the Max crashes continue to challenge Boeing's legal settlement in court, calling it a cost of doing business. Analysts warn: despite green shoots, one misstep could undo years of effortreminding investors just how fragile Boeing's second chance really is.

This article first appeared on GuruFocus.