In a spot of good news, former Boeing CEO Dennis Muilenburg isn’t doing as well as he might have as CNN/Business is reporting:
Ousted Boeing CEO Dennis Muilenburg left the company with stock options and other assets worth about $80 million, but did not receive severance as part of his departure from the embattled company, Boeing disclosed late Friday.
Muilenburg lost his job due to the ongoing Boeing 737 Max crisis. The company’s board had stuck with Muilenburg through the first 10 months of the grounding of all 737 Max jets following two fatal crashes that killed 346 people. But on Dec. 23 the board announced 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.”
Muilenburg’s holdings includes previous long-term compensation worth $29.4 million as of Thursday’s closing price, according to the filing. He also keeps shares worth an additional $4.3 million, as well as distributions from pension and deferred compensation worth $28.5 million. And, finally, he has the right to exercise other stock options to purchase an additional 72,969 shares of Boeing stock that are worth $24 million. He will have to pay only $5.5 million to acquire those shares.
More interestingly:
Muilenburg was stripped of his title as chairman of Boeing (BA) in October.At the end of that month he came under fire at a Congressional hearing for his 2018 pay package, worth $23.4 million. A few days after the hearing Boeing announced that Muilenburg requested that he not receive any stock or bonus money for 2019. That may have reduced his compensation for the year by about 90%.
Is he gutsy enough to donate the balance of his pay over his years as CEO to humanitarian causes? We’re not talking about a single year failure, as these airliners take years to go from glint in the eye to the tarmac.
