Boeing's ousted CEO could get $26.5 million golden parachute
Former Boeing CEO Dennis Muilenburg's 2019 has included a second deadly 737 Max jet crash, several missed safety warnings, brutal Congressional grillings, blown deadlines, an airplane-production halt, and now a multi-million-dollar golden parachute.
Muilenburg, who exited the company on Monday, is in line to receive $26.5 million in cash and stock as part of his exit package from the top job at the aerospace giant, according to the company's most recent proxy filing with the Securities and Exchange Commission. His eventual payout could reach as high as $58.5 million depending on the final terms of his departure and the company's performance during the next three years.
The 55-year-old Muilenburg is entitled to a pension that pays him a little over $807,000 annually, according to the most recent filings. The pension had a cash value of $13.2 million as of the end of last year. He also had 39,506 shares of restricted stock that are currently worth another $13.3 million, according to the documents.
Boeing's board released a statement Monday saying it decided that "a change in leadership was necessary to restore confidence," and that Muilenburg had resigned on Sunday. If the board had decided to fire Muilenburg instead of letting him resign, some or all of that $26.5 million pay package could have disappeared.
https://www.msn.com/en-us/money/companies/boeings-ousted-ceo-could-get-dollar265-million-golden-parachute/ar-BBYhHw5
Nice paycheck for fucking up.
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$26.5 million to head a program that let to the death of 346 people - well, that works out to about $76,590 per person.
Of course, we don't know what other expenses Boeing had in payments to the FAA (all "hush-hush," mind you) just to make sure that they could quickly get the flying death-trap into the air quicker with a few "Well, it should be OK" reports issued by the government inspectors.
I guess I really do not understand how the "stock market" works. Why are boards paying people who do such major screw-ups continuing to reward those that "did the deed?" And why do we have what seems to be another "Hell of a job, Brownie" moment with this executive, not to mention the FAA and what seems to me to be serious malpractice in approving that flying death-trap?
But then again, I'm still struggling to understand Enron's demise and how "Kenny Boy" managed all of that (and I STILL believe he's alive and well on some island now, far out of harm's way) while leaving so many investors and workers SO screwed over.
