Monday, January 13, 2020

Former Boeing chief Dennis Muilenburg leaves with $62m


Former Boeing chief Dennis Muilenburg has left the company with $62m (£48m) in compensation and pension benefits.
Mr Muilenburg will not receive severance pay, according to a regulatory filing by Boeing.
Boeing fired Mr Muilenburg in December to restore confidence in the firm after two deadly crashes involving its 737 Max plane.
It said that Mr Muilenburg received the benefits he was "contractually entitled to" and that no annual bonus was paid.
In addition to the $62m in compensation and pension benefits, Mr Muilenburg holds stock options that would have been worth $18.5m at the closing price on Friday.
The planemaker also confirmed that David Calhoun, its new boss, could receive a bonus of $7m, subject to whether or not he can get the 737 Max flying safely again.
Boeing said it was confident that Mr Calhoun was the right person "to strengthen Boeing's safety culture, improve transparency and rebuild trust".
He was appointed as chief executive and president of Boeing having served on the firm's board since 2009.
People at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu, southeast of Addis Ababa, Ethiopia March 10, 2019Image copyrightREUTERS
Image captionThe crash site of Ethiopian Airlines Flight 302
The figures were disclosed during a difficult week for the planemaker, when internal messages were released that raised further questions over the jet's safety.
An employee said the plane was "designed by clowns" in one of the communications.
Boeing has faced scrutiny since the fatal crashes of two 737 Max planes, which killed nearly 350 people. It is facing multiple investigations following the crashes in Indonesia and Ethiopia.

Timeline: Boeing crashes

  • 29 October 2018: A 737 Max 8 operated by Lion Air crashes after leaving Indonesia, killing all 189 people on board
  • 31 January 2019: Boeing reports an order of 5,011 Max planes from 79 customers
  • 10 March 2019: A 737 Max 8 operated by Ethiopian Airlines crashes, killing all 157 people on board
  • 14 March 2019: Boeing grounds entire 737 Max aircraft fleet
Dennis Muilenburg came under fire for his pay last year during an appearance before US lawmakers.
Media captionFormer Boeing CEO Dennis Muilenburg grilled by Congressman Steve Cohen over pay
Boeing also faces a fine from US regulators worth $5.4m for "knowingly" installing faulty parts on its 737 Max planes.
The fine announced by the Federal Aviation Administration on Friday is not connected to the software system that investigators have implicated in the crashes.
The planemaker has the right to dispute the fine, which follows a previous $3.9m fine the FAA proposed against the US aerospace giant.

This lying pig crippled Boeing, for which he gets $62 million.  Actually, he should be tarred and feathered.