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Tue, Jan 14, 2020

Dennis Muilenburg Leaves Boeing With $62 Million Compensation Package

Will Receive Benefits But No Severance As He Leaves The Company

Fired Boeing CEO Dennis Muilenburg will leave Boeing with a $62 million compensation and benefits package, according to media reports.

However, the ousted executive will not receive any direct severance pay, according to a report from Reuters.

Mulienburg's compensation as he leaves the company was revealed in a regulatory filing late Friday. At the same time, Boeing released hundreds of internal memos that were harshly critical of the development of the 737 MAX airplane. One said the plane was "designed by clowns who in turn are supervised by monkeys," according to the report.

The Boeing filing showed that Mulinburg will receive the $62 million in compensation and pensions benefits, and that he holds stock options that vested in 2013. At Friday's close, the stocks would be worth about $18 million.

In a statement, Boeing said that Muilenburg "received the benefits to which he was contractually entitled and he did not receive any severance pay or a 2019 annual bonus.”

(Image from file)

FMI: Source report

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