Families of people killed in crashes of Boeing’s 737 Max have reacted with anger at the revelation the company’s ousted chief executive, Dennis Muilenburg, walked away with stock, benefits and share options potentially worth $80m.
The aerospace manufacturer late on Friday said Mr Muilenburg would receive no severance and forgo his 2019 bonus, yet he would receive other contractual benefits. His exit package of vested awards, pension and deferred compensation benefits totals $62.2m.
He also has vested stock options from 2013 totalling $18.5m.
“He was fired for poor performance, and he should be treated like any other production employee who gets fired for poor performance,” said Michael Stumo, whose 24-year-old daughter Samya Stumo was killed when Ethiopian Airlines flight 302 crashed in March.
“He should be filing for unemployment. It’s sickening. How many great engineers could they hire for that money?” Boeing’s board fired Mr Muilenburg in December following two plane crashes that killed a combined 346 people and the worldwide grounding of Boeing’s 737 Max, now in its ninth month.
Steven Mnuchin, US Treasury secretary, told Fox Business on Sunday that the fallout from the grounding and a pause in Max production, could hit US GDP by half a percentage point this year.
Longtime Boeing board member David Calhoun is stepping into the chief executive role this week with a brief to smooth relations with regulators and repair the company’s reputation. He will receive a $7m bonus when the company hits milestones including a “full safe return to service” of the Max.
Zipporah Kuria, whose 55-year-old father Joseph Kuria Waithaka was killed in he crash of flight 302, dismissed Boeing’s argument that Mr Muilenburg’s payment was contractually owed. (Source:FT)