The jet was grounded in the wake of two deadly crashes that left 346 people dead.The issue of Mr. Muilenburg’s compensation was the source of heated exchanges during his “Are you taking a cut in pay? Add this topic to your myFT Digest for news straight to your inbox.

Dennis A. Muilenburg, who was ousted last month, forfeited stock awards worth some $14.6 million, but he is still contractually entitled to receive other benefits. The shock decision comes after global aviation authorities grounded the Boeing 737 MAX passenger airliner in March this year after two new aeroplanes crashed within five months of each other, killing 346 passengers and crew. Mr. Muilenburg will not receive any additional severance or separation payments in connection with his departure, and Boeing said he had forfeited stock units worth some $14.6 million. Are you working for free from now on until you can cure this problem?” Representative Stephen Cohen, Democrat of Tennessee, asked Mr. Muilenburg at one point. He told CNBC the company still had confidence in Muilenburg – even though he lost his title of chairman last month. The first occurred on October 29, 2018, when Lion Air Flight 610 crashed into the Java Sea 13 minutes after takeoff, killing all 189 passengers and crew. Register with us and content you save will appear here so you can access them to read later. "Dennis didn't create this problem, but from the beginning he knew that MCAS should and could be done better, and he has led a program to rewrite MCAS to alleviate all of those conditions that ultimately beset two unfortunate crews and the families and victims," he told the news organisation. And last week, a group of members of Congress urged Muilenburg to resign or at least give up pay as a result of the crashes following two days of intense hearings. Boeing is now overhauling the system by making it easier for pilots to override it and plans to return the aircraft to the skies. nzherald.co.nz. Add to myFT Digest. Dennis Muilenburg is no longer serving as Boeing's CEO and the Board director, the company announced Monday. “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’s new chief executive, David Calhoun, will receive a $7 million bonus if he is able to get the 737 Max, which has been grounded since March, safely flying again. Boeing denied former CEO Dennis Muilenburg severance when he was ousted for his handling of the 737 Max crisis, but he will walk away with more than $60 million in … Author: KING 5 Staff, Associated … Muilenburg’s blanched, noting that the board determines his pay.“I felt it was important for me to forgo those bonuses and send a message of responsibility,” he said.Boeing said Mr. Calhoun, who starts as chief executive on Monday, would receive a base salary of $1.4 million and be eligible for an annual target bonus of $2.5 million, long-term incentive awards worth $7.5 million and restricted stock units worth $10 million. Your News is the place for you to save content to read later from any device. New Zealand Herald . “These people’s relatives are not coming back. Mr. Calhoun will receive an additional bonus of $7 million if the company reaches key milestones, including fully returning the Max to service. Last year, Muilenburg pocketed more than US$30m, including a US$13.1m bonus, US$7.3m stock awards and also stock awards from previous years that vested in 2018, AAP reports. Calhoun told CNBC that Muilenburg "has done everything right" following the twin tragedies. They’re gone. The second took place on March 10, 2019 when Ethiopian Airlines Flight 302 crashed just six minutes after takeoff, with all 157 people aboard lost. Investigators eventually blamed the accidents on the MAX's new automated manoeuvring characteristics augmentation system (MCAS), which forced both planes to nosedive. In a shock move, Dennis Muilenburg will give up his bonus.

But the value of the other stock and pension awards he is contractually entitled to receive is worth $62.2 million, the company said. Get the newsletter now. The CEO of Boeing has turned his back on a multimillion-dollar bonus in the wake of ongoing scandals that have plagued the aviation company.

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