Boeing fired its CEO for failing tremendously as the leader of the company. But, as often happens in Corporate America, he is getting handsomely rewarded on his way out.
“Boeing denied former CEO Dennis Muilenburg severance when he was ousted for his handling of the 737 Max crisis, but he will walk away with more than $60 million in pension benefits and stock, the company said . . .
Boeing fired Muilenburg last month amid a ballooning crisis around its 737 Max jets in the wake of two fatal crashes that killed 346 people. Longtime board member Dave Calhoun will become Boeing’s new CEO on Monday.
‘Mr. Muilenburg is not entitled to — and did not receive — any severance or separation payments in connection with his retirement after more than 30 years with the Company,’ Boeing said in the filing.
Muilenburg will forfeit stock worth $14.6 million, but is entitled to pension and stock benefits of about $62 million, Boeing said. Victims’ family members complained after the announcement. Boeing in July said it was giving $50 million to family members of the 346 victims, a sum that is apart from any settlement families win in their lawsuits against Boeing.
‘Boeing executives should be walking away in handcuffs, not with millions of dollars,’ Zipporah Kuria, who lost her father, Joseph Waithaka, in Ethiopian Airlines flight 302, said in a statement. ‘I hope the whole world is watching.'”
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