Monday, October 26, 2020
More
    Home News Business Boeing's ousted CEO leaves with $62 million despite no severance package

    Boeing’s ousted CEO leaves with $62 million despite no severance package

    Boeing's ousted CEO Dennis Muilenburg departed the company with $62 million in compensation and pension benefits, even without a severance package.

    Popular

    Bigg Boss 14: Zaid Darbar On Rumored Girlfriend Gauahar Khan

    Bigg Boss Senior, Gauahar Khan is winning hearts and gathering love for her performance in the house. Also in news is Zaid...

    Bigg Boss 14: Hina Khan And Gauahar Khan Think Rubina Dilaik Is A Clear Winner

    Standing for herself and communicating her point wherever necessary, Rubina Dilaik has been carving a strong niche for herself in the Bigg...

    Bollywood actesses who were launched by Salman Khan

    These are the Bollywood actresses who were launched by Salman Khan in the Hindi film industry
    00:01:15

    Hollywood Celebrities Mourn The Death Of James Lipton

    Hundreds of Hollywood stalwarts were given to James Lipton, an actor-turned-drama-school-dean to open up regarding their life and art and became an unexpected star.

    Zaid Reacts To His And Gauahar’s Ongoing Wedding Rumors

    It’s a very speculative and rumors floating world out there where every other actor or social media influencer, always becomes a part...
    Ajay Nirmal
    Graduated from Mumbai University, Ajay brings in the latest news across sports, tech, and world news. Ajay loves talking on tech, latest news, and events.

    Boeing Co’s ousted chief executive officer, Dennis Muilenburg, stands to receive $62 million (47.5 million pounds) in long-term incentive, stock awards and pension benefits, but forfeited $14.6 million and will receive no severance, the planemaker said in a regulatory filing on Friday.

    Muilenburg, 62, was fired from the job in December as the company failed to contain the fallout from a pair of fatal crashes that halted output of its bestselling 737 MAX jetliner and tarnished its reputation with airlines and regulators.

    He was replaced by Boeing board chairman David Calhoun, 62, a turnaround veteran and former General Electric Co executive who has led several companies in crisis.

    Calhoun, who starts as CEO on Monday, will receive a base salary at an annual rate of $1.4 million and is eligible for $26.5 million in long-term incentive compensation, Boeing said in a filing.

    Boeing said in November Muilenburg had volunteered to give up his 2019 bonus and stock awards. For 2018, his bonus and equity awards amounted to some $20 million, according to filings.

    “Upon his departure, Dennis received the benefits to which he was contractually entitled and he did not receive any severance pay or a 2019 annual bonus,” Boeing said in a statement.

    The 737 MAX has been grounded since March. The deadly accidents in Indonesia and Ethiopia within five months killed 346 people.

    The severance disclosure follows Boeing’s release late on Thursday of hundreds of internal messages that contained harshly critical comments about the development of the 737 MAX, including one that said the plane was “designed by clowns who in turn are supervised by monkeys.”

    Speculation that Muilenburg would be fired had been circulating in the industry for months, intensifying in October when the board stripped him of his chairman’s title – although he had also twice won expressions of confidence from Calhoun.

    Boeing also disclosed that Kevin McAllister, who was fired as CEO of Boeing Commercial Airlines in October, forfeited $52.9 million in unvested equity awards and other compensation.

    For latest entertainment news, bollywood news, hollywood news, celebrity gossips, latest movie reviews, entertainment news and gossips in hindi - follow Lehren on Facebook, Twitter and Youtube.

    ↓   Keep Scrolling for NEXT STORY   ↓

    Top Picks

    00:00:43

    Bigg Boss 14: Naina Singh and Kavita Kaushik’s Grand Entry

    In the latest episode of Bigg Boss 14, after a long wait the makers are all set to introduce its first 2...

    TV Celebrities Expect More Spicy Drama From Bigg Boss 14

    We also saw how the audiences were really enjoying and also rooting for the new budding friendship of Sidharth, Hina and Gauahar...
    00:00:51

    Bigg Boss 14: Contestants Celebrate Navratri With Preeti Pinky

    In the latest episode of Bigg Boss 14, the contestants will finally get to celebrate Navratri, however, they are in for surprise...
    00:01:06

    Bigg Boss 14: Love Blossoms Between Eijaz Khan And Pavitra Punia

    In the latest episode of Bigg Boss 14, Eijaz Khan - Pavitra Punia and Jaan Kumar Sanu – Nikki Tamboli will be...
    00:01:02

    Bigg Boss 14: Jaan Kumar And Nikki Tamboli’s Friendship In Trouble

    In the latest episode of Bigg Boss 14, Salman Khan expose truth about Jaan Kumar Sanu’s friendship with Nikki Tamboli. Host Salman...

    Also Read

    Emirates to get 30 Boeing 787 Dreamliners for $8.8 billion

    Dubai’s carrier Emirates announces firm order for 30 Boeing 787 Dreamliners in deal valued at $8.8 billion.

    Trending

    Akanksha Feels Insecure Due To Devoleena And Rupal

    We know that young actors are always warm and welcoming to their senior cast members in any TV serial’s shooting sets but...
    00:01:43

    Shweta Tiwari Feels Happy That Mere Dad Ki Dulhan Is A Finite Show

    Shweta Tiwari and Varun Badola starrer Mere Dad Ki Dulhan is coming to an end very soon, as the cast and crew...
    00:05:43

    Bappi Lahiri At The Song Recording For Film Mudrank

    This flashback video features the song recording for the film 'Mudrank: The Stamp'. This 2009 film was directed by Shakir Shah and...

    Varun Dhawan To Kick-Start Shooting For Four Films Starting November

    After a long break due to the COVID-19 pandemic, the entertainment industry is slowly getting back at its feet. The actors...
    00:00:43

    Bigg Boss 14: Naina Singh and Kavita Kaushik’s Grand Entry

    In the latest episode of Bigg Boss 14, after a long wait the makers are all set to introduce its first 2...