Muilenburg was fired from the job in December as Boeing failed
to contain the fallout from a pair of fatal crashes that halted
output of the company's bestselling 737 MAX jetliner and
tarnished its reputation with airlines and regulators.
The compensation figures were disclosed in a regulatory filing
late on Friday during a difficult week for Boeing when it also
released hundreds of internal messages -- two major issues
hanging over the company before new CEO David Calhoun starts on
Monday.
The messages 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."
The 737 MAX has been grounded since March following the second
of two crashes that together killed 346 people within a span of
five months.
"It is incredibly heart wrenching to see the man at the heart of
our loss walk away with a reward," said Zipporah Kuria, whose
55-year-old father from Kenya died in the second crash.
Lawmakers also blasted Boeing.
"346 people died. And yet, Dennis Muilenburg pressured
regulators and put profits ahead of the safety of passengers,
pilots, and flight attendants. He'll walk away with an
additional $62.2 million. This is corruption, plain and simple,"
U.S. Senator Elizabeth Warren said on Twitter.
U.S. Representative Peter DeFazio, who chairs the House
Transportation Committee, said minutes of a June 2013 meeting
showed that Boeing sought to avoid expensive training and
simulator requirements by misleading regulators about a
anti-stall system called MCAS that was later tied to the two
crashes that killed 346 people.
The MAX has been grounded since the second crash in March.
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's
board chairman.
A turnaround veteran and former General Electric Co <GE.N>
executive who has led several companies in crisis, Calhoun 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.
In addition to the $62 million in compensation and pension
benefits, Muilenburg holds stock options that vested in 2013,
Boeing said. They would be worth $18.5 million at the closing
price on Friday.
"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.
(Reporting by David Shepardson in Washington and Tracy Rucinski
in Chicago; Additional reporting by Ankit Ajmera in Bengaluru,
Peter Henderson in San Francisco and Eric M. Johnson in Seattle;
Editing by Matthew Lewis, Sonya Hepinstall and Sandra Maler)
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