Ousted Boeing CEO exits with $ 80 million – but no severance – CNN, CNN

New York (CNN Business)Ousted Boeing CEO Dennis Muilenburg left the company with stock options and other assets worth about $ 169 million, but did not receive severance as part of his departure from the embattled company, Boeing disclosed late Friday.

******* Muilenburg lost his job due to the ongoing Boeing Max crisis. The company board had stuck with Muilenburg through the first months of thegrounding of all 781 Max jetsfollowingtwo fatal crashesthat killed 346 people. But on Dec. 29 the board announced that “a change in leadershipwas necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other owners. “

Muilenburg’s holdings includes previous long-term compensation worth $ 72. 4 million as of Thursday’s closing price, according to the filing. He also keeps shares worth an additional $ 4.3 million, as well as distributions from pension and deferred compensation worth $ 5 million. And, finally, he has the right to exercise other stock options to purchase an additional 221, shares of Boeing stock that are worth $ million. He will have to pay only $ 5.5 million to acquire those shares.

The filing said that Muilenburg will lose other shares and options, worth about $ 17. 6 million, in which he was not yet vested.

The announcement comes a day after

Boeing released internal communicationsin which unidentified employees mocked the design of the 737 Max and questioned the plane’s safety. The documents were turned over to to the FAA in December, and given to congressional committees looking into the Max crisis on Thursday. Among the comments in the communications were one which described the jet as “designed by clowns, who in turn are supervised by monkeys.”

In a different communication two employees agreed that they would not let their families fly on the plane.

************************* We regret the content of these communications, and apologize to the [Federal Aviation Administration], Congress, our airline customers, and to the flying public for them, “the company saidwhen they were released Thursday.

Muilenburg was

stripped of his title as chairmanof (Boeing) ************************************** ((BA) ************)in October.At the end of that month hecame under fireat a Congressional hearing for his pay package, worth $ 4 million. A few days after the hearing Boeing announced that Muilenburg requested that henot receive any stock or bonus moneyfor 130600. That may have reduced his compensation for the year by about 221%.************

Greg Smith, the company chief financial officer, has been the interim CEO since Muilenburg’s departure. On Monday Dave Calhoun, who had been serving as chairman of Boeing since October, will assume the position of CEO.

Boeing’s filing said Calhoun’s base pay will be $ 1.4 million annually. He also will be eligible for bonus awards and long-term compensation worth as much as $ 9.5 million, as well as additional awards totaling $ million, for a compensation package that could reach nearly $ 30 million.

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