The aerospace company has faced production slumps and a declining stock this year as it now contends with striking workers and a massive workforce reduction.

A new chief executive is restructuring the aerospace manufacturer, which has been losing money for several years while struggling to improve production quality.

Boeing will reduce the size of its total workforce by 10% over the coming months, CEO Kelly Ortberg said in a letter to employees on Friday.

Boeing on Friday said it's cutting 10% of its workforce, or about 17,000 employees. In a in a memo Friday, CEO Kelly Ortberg announced the layoffs, writing that the aerospace giant must make "tough decisions" to stay competitive.