STORY: Boeing CEO Kelly Ortberg laid out a stark turnaround plan on Wednesday, calling for a "fundamental culture change" at the struggling planemaker.

This comes as the company reported losses of nearly $8 billion so far this year, due in part to a crippling West Coast machinist strike that has halted production of its best-selling 737 MAX, 777 and 767 planes.

In a letter to employees, Ortberg stressed the need to "prevent the festering of issues and work better together," after critical lapses in its performance disappointed customers and eroded public trust.

Added Ortberg (quote): "This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again."

To that end, Wednesday marks an especially crucial day for Boeing, as 33,000 striking machinists vote on its latest contract proposal.

A simple majority is needed to approve the plan.

:: NTSB

The planemaker's troubles stretch back to January, when a door-panel flew off an Alaska Airlines Boeing 737 MAX 9 jet in midair.

Last month the company announced sweeping plans to downsize by cutting 17,000 jobs, or 10% of its global workforce, and delaying the first delivery of its 777X jet by one year.

It also laid out plans for a capital raise, which Reuters has reported could be around $15 billion.

Ortberg on Wednesday told CNBC that Boeing is now reviewing its businesses and may end up selling some assets.

Boeing shares fell about one percent in morning trading.