Dismissed Boeing CEO Dennis A. Muilenburg helmed the American aviation giant through the biggest crisis of its entire history. A pair of 737 Max flights crashed, leaving 346 people dead, because cutting corners was more profitable. Since March of last year the jet has been grounded until it can be proven to safely fly again. Because of the decisions made by Muilenburg both leading up to, and in the wake of, the crisis, he was fired from his cushy executive position.
Boeing confirmed Friday to the New York Times that it would not be paying Mr. Muilenburg any severance or separation payments in connection with his departure. The company also confirmed that he forfeited about $14 million in stocks. Obviously this will leave the poor man destitute and penniless. Just kidding, of course. He will still receive a contracted pension and company stocks to the tune of $62.2 million. This is, of course, in addition to his reported $80 million existing net worth.
Muilenburg had been with Boeing since 1985.
From a statement from Boeing regarding Mr. Muilenburg’s dismissal, “We thank Dennis for his nearly 35 years of service to the Boeing Company. Upon his departure, Dennis received the benefits to which he was contractually entitled and he did not receive any severance pay or a 2019 annual bonus.”
While Boeing has not made the ex-CEO’s salary public, it is reported that he earned some $23.4 million in compensation for the 2018 fiscal year. It is believed that this includes a $20 million bonus. Whatever will he do without his 2019 bonus?
In documents turned over to the FAA and congressional committees, employees of Boeing called the 737 Max something “designed by clowns, who in turn are supervised by monkeys.” While others wrote to each other that they would not allow their family members to fly in the plane. Internal documents prove that some within the company questioned the safety of the plane before it was released, but their concerns were quashed.
Since Muilenburg left the company Greg Smith has been acting as interim CEO. Next Monday the position will be given to Dave Calhoun who has been Boeing’s chairman since October. If Mr. Calhoun can get the 737 Max back in the air safely, he will receive a $7 million bonus.