Friday, 22 November, 2019

Boeing CEO won’t get most of his 2019 pay

Boeing CEO Muilenburg 'has done everything right,' says chairman House continues probe after Boeing testimony
Travis Berry | 08 November, 2019, 00:40

What? No bonus? Boeing boss gives up perks after Senate grilling over 737 crashes Boeing Chief Executive Dennis Muilenburg has decided not to take a bonus for 2019 after United States lawmakers hammered him over compensation during Capitol Hill hearings last week in the wake of two 737 MAX plane crashes.

While Muilenburg was "doing all the right things" prior to the questioning, the experience "changed him for life", Calhoun said.

Muilenburg, who became CEO in July 2015, was stripped last month of the chairman's title.

The question surrounding Muilenburg's pay came to a head last week when the CEO visited Congress to testify for the two Boeing 737 Max crashes.

Boeing's board has kept a low profile during the crisis over the MAX, which was grounded worldwide in March following the second of the two crashes.

"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", Mr Calhoun said on CNBC. It may take more than a year to return the plane to the skies, he suggested.

Muilenburg last week endured two days of bruising grilling and criticism from lawmakers probing the issues that led to the two accidents involving the top-selling jet.

"Reform has to happen. The system let everybody down", he said. "So be it. I get that".

A flight-control system called MCAS pushed the nose of both planes down before crashes in Indonesia and Ethiopia.

Penske Buys Indianapolis Motor Speedway, IndyCar Series
Penske, who turned 82 in February, received the Presidential Medal of Freedom from President Donald Trump last month. He said the family approached Penske after the last race of the season as to not distract from the season.

"No one was hiding anything.

It's at least a year", said Calhoun. "It was a set of engineering decisions that ended up being wrong", he said. "There is no question the fundamental assumption we designed around was flawed with respect to how a pilot would react".

But Calhoun said criticism of Boeing's corporate culture missed the mark.

In 2018, the CEO received $20.4 million in short- and long-term cash bonuses and equity awards as part of a pay package that totaled $23.4 million, the company disclosed in a regulatory filing earlier this year.

The CEO will presumably still get a salary, which was $1.7 million a year ago.

Muilenburg presumably will still get a salary, which was $1.7 million previous year.

The manufacturer plans to continue using the 737 Max brand name, Calhoun said.

"If he can get us from here to the endpoint, and the endpoint being a Max that's flying in service and accepted by the flying public and begins to restore our brand", Calhoun said, "I might argue he's just about the most qualified executive in the world to be running a company like Boeing".

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