Boeing’s latest crisis erupted in January with a dramatic mid-air explosion of a part of one of its passenger planes.
His space business also took a reputational hit after his Starliner craft forced to return to Earth without astronauts.
The strike compounded the problem, leading to a dramatic slowdown in production.
Mr Ortberg said the firm was “burdened with too much debt” and had disappointed clients with poor business performance.
Boeing’s commercial jet business reported an operating loss of $4 billion in the past three months, while its defense unit lost nearly $2.4 billion.
The strike is “costing them $100 million a day, so the cash costs are really significant… It’s becoming a pretty serious situation for Boeing,” said Anna McDonald of Aubrey Capital Management.
Mr Ortberg claimed the firm was in a strong position with a backlog of around 5,400 orders for its aircraft.
But he warned investors that reopening the firm’s factories once the strike ends will be difficult.
“It’s a lot harder to turn it on than it is to turn it off. Therefore, it is very important, absolutely important, that we do it right,” he said.
“We have a detailed return to work plan and I’m really looking forward to getting everyone back and working on that plan.”
Earlier this month, the company announced plans to cut approximately 10% of its workforce. Thousands of other employees are already on furlough because of the strike, which has also affected suppliers.
Mr. Ortberg told investors that his top priority was a “fundamental culture change.”
“We need to prevent problems from escalating and work better together to identify, fix and understand the root cause,” he said.
Boeing’s suppliers are also feeling the effects of the strike.
Spirit AeroSystems, which makes aircraft bodies, has already announced a 21-day furlough for 700 of its employees.
He also warned that staff may have to be made redundant if the strike continues beyond next month.
