Ousted Boeing CEO to leave company with over $60M

Ousted Boeing CEO to leave company with over $60M
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Dennis Muilenberg, the former CEO of Boeing who was pushed out of his post last month, will leave the company with more than $60 million in stock, the tech behemoth announced Friday. 

While Muilenberg will not receive additional severance and had to forfeit stock units worth roughly $14.6 million, he is contractually obligated to receive other stock and pension awards.

“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,” the company said in a statement. 

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Muilenberg, who will remain a member of Boeing’s board, announced his resignation in December as the company faced an avalanche of scrutiny after high-profile crashes from its 737 Max jet that killed a combined 346 people. 

“The Board of Directors has decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” Boeing said in an announcement at the time.

Muilenberg is being replaced by David Calhoun, a former Blackstone executive who is being tasked with reviving the company’s reputation after the crashes. 

Calhoun is being offered a $7 million bonus if he is able to get the jet safely back in the skies after it was grounded due to the crashes. 

“The Board is confident Dave is the right leader to strengthen Boeing’s safety culture, improve transparency and rebuild trust,” Boeing said.

“His compensation package established by the Board reflects the proven track record and deep expertise he brings to the role, as well as the compensation he is forfeiting as he departs Blackstone to join Boeing. Long term incentives will be tied to business outcomes enabled by improved safety,” it added.