Dennis Muilenburg, former Boeing CEO, will receive more than $60 million

Dennis Muilenburg, former Boeing CEO, will receive more than $60 million

Last month, Boeing´s chief executive, Dennis A Muilenburg, was ousted by the aerospace company amid its enquiry into the 737 Max´s flaws.

In December, the decision to remove Muilenburg was made to restore confidence in the company after an Ethiopian Airline Flight a Lion Air Flight claimed a total of 346 lives in just six months.

Although the former CEO didn´t receive an annual bonus and stock units worth a total of $14.6 million were forfeited, he still received benefits that he was “contractually entitled to” including $62 million in compensation and benefits.

The multi-million dollar settlement is approximately 270 times what the company is paying out to the family members of those who lost their lives in the Max 737 fatalities.

In 2018, Muilenburg received a $23.4 million pay packet before the second disastrous crash occurred, a salary that was up 27 per cent from the previous year.

Boeing has since confirmed that Muilenburg´s successor, David Calhourn, could receive a bonus of $7 million with the condition that he can get the 747 Max flying safely again.

Calhourn has been appointed as chief executive and president of Boeing after serving over 10 years on the company´s board. The planemaker has expressed its confidence in the new CEO and said that he was the right person to “to strengthen Boeing’s safety culture, improve transparency and rebuild trust”.

The transport giant is currently looking at a $5.4 million fine from US regulators for “knowingly” installing faulty parts on its 737 Max planes. Boeing has the right to dispute the fine, however, this is the second one issued following a $3.9 million fine the FAA proposed against them.

The fleet of jets have been grounded since March 2019 and last week the company announced that it would be suspending the Max 737´s production from January this year.

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