Sacked Boeing boss departs with $80m payout
High-profile departure comes as company faces further crisis over its Max 737 aircraft

The former boss of Boeing, who was ousted last month in the midst of the biggest crisis in the company’s history, is set to depart with a potential $80m (£61.3m) payout.
Dennis Muilenburg lost his job due to the ongoing crisis around the 737 MAX, the best-selling aircraft in the company’s history. The aircraft was grounded in March after two crashes in less than six months that killed 346 people.
According to the Financial Times, his “compensation benefits totals $62.2m (£47.5m)”, while he also has “vested stock options from 2013 totalling $18.5m (£14.1m)”.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
“The fallout for Boeing has been immense” says Fox News. As well as forcing out Muilenburg in December, other senior executives have been grilled over the deadly crashes by members of the US Congress. The company has faced severe reputational damage and a hit to its bottom line.
But Muilenburg has been the public face of the crisis, and The Independent says his compensation “was the source of heated exchanges during his testimony before Congress in October”.
When asked by a congressman whether he was “taking a cut in pay” or “working for free from now on until you can cure this problem?”, Muilenburg noted that the board determines his pay.
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––
In yet another blow to Boeing, it was this weekend announced that US regulators are seeking to fine the company $5.4m (£4.14m) for “knowingly” installing faulty parts on 737 Max planes. It comes after the release of internal messages raised more questions about the jet's safety.
“These messages refer to Boeing employees telling lies, covering up problems and treating regulators with contempt” says BBC business correspondent Theo Legett.
“They reinforce the impression - already expressed vividly by whistleblowers and in Congressional hearings - that Boeing was a company that had lost its way, focused on maximising production and keeping costs down, rather than on safety.”
Boeing’s woes appear to have impacted the entire US economy, after the Treasury Secretary Tim Mnuchin said growth this year “would have been 3%” were is not for “adjustment of the Boeing numbers”.
The 737 Max situation could cut first quarter 2020 GDP growth by approximately half a percentage point, according to economists’ estimates cited by Reuters.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Sodium batteries could make electric flight viable
Under the Radar Low-cost fuel cell has higher energy density and produces chemical by-product that could absorb CO2 from the atmosphere
-
Flying into danger
Feature America's air traffic control system is in crisis. Can it be fixed?
-
Pocket change: The demise of the penny
Feature The penny is being phased out as the Treasury plans to halt production by 2026
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
-
Out of fashion: Asos ‘curse’ has struck again
Speed Read Share price tumbles following the departure of CEO Nick Beighton
-
Universal Music’s blockbuster listing: don’t stop me now…
Speed Read Investors are betting heavily that the ‘boom in music streaming’, which has transformed Universal’s fortunes, ‘still has a long way to go’
-
EasyJet/Wizz: battle for air supremacy
Speed Read ‘Wizz’s cheeky takeover bid will have come as a blow to the corporate ego’