Monday, January 13, 2020

Sacked CEO of Boeing walks away with $62.2million severance package

The Boeing CEO who was ousted last month for the company’s botched response to two crashes and the grounding of its best-selling plane will walk away with $62.2 million, the company has disclosed.

Boeing said, however, that Dennis Muilenburg will not get additional severance or a 2019 bonus, and will forfeit stock awards worth $14.6 million.

Muilenburg, who spent more than 30 years at Boeing, also has unexercised stock options that he has held since 2013 and that are worth more than $18.5 million at Friday’s closing price.

Muilenburg was fired in late December after failing to get the company’s 737 Max jetliner back in the air.

Boeing board Chairman David Calhoun will take over as CEO on Monday. He is a former General Electric and Nielsen executive with a reputation as a turnaround specialist.

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