Jack Quann
Jack Quann

11.27 13 Jan 2020


Share this article


The ousted former CEO of airline manufacturer Boeing is to get some US$62m (€55.7m) from the company.

Dennis Muilenburg resigned last month over fallout from the grounding of the firm's 737 MAX fleet.

Mr Muilenberg was reportedly reprimanded by the US aviation regulator over concerns that Boeing was trying to force the regulator to move more quickly in getting the aircraft back in the air.

Boeing had said it hoped to get the 737 Max re-certified this year, but the process will now stretch into 2020.

The plane has been grounded since March, after two 737 Max aircraft crashed within five months of each other.

Lion Air flight 610 crashed shortly after take-off from Jakarta, Indonesia killing all 189 people on board.

While 157 people died - including Irish engineer Micheál Ryan - when an Ethiopian Airlines plane came down shortly after take-off from Addis Ababa in March last year.

Boeing subsequently admitted that there had been design flaws in the plane's software.

Boeing Dennis Muilenburg | Image: Boeing

Mr Muilenberg was replaced by Boeing chairman David Calhoun.

According to a regulatory filing with the US Securities and Exchange Commission (SEC), Mr Muilenburg is not entitled to - and did not receive - any severance payments.

The company's board also said he will receive no payment under its annual incentive plan for 2019.

It says that, based on the closing stock price on January 9th, the forfeited awards would have been valued at approximately US$14.6m (€13.1m).

But The New York Times reports that the value of the other stock and pension awards he is "contractually entitled to" receive is worth US$62.2m (€55.9m).

He also holds options to purchase 72,969 shares of company common stock.

The SEC filing also revealed that the new CEO, David Calhoun, will receive a base salary of US$1.4m (€1.25m) per year.

He could also get an additional US$7m (€6.29m) on "the achievement of several key business milestones" - including full and safe return to service of the 737 MAX.


Share this article


Read more about

737 MAX Fleet Boeing Boss David Calhoun Dennis Muilenburg Incentive Plan Payments Regulatory Filing Severance Pay US Securities And Exchange Commission

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

Newstalk Breakfast

Newstalk Breakfast

07:00-09:00

Share

Up next

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

MONCRIEFF

MONCRIEFF

14:00-16:00

Share

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

OFF THE BALL

OFF THE BALL

19:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

00:00:00 / 00:00:00

Share on