Boeing ex-CEO is denied severance and forfeits more than $14 million in stock

FAN Editor

Dennis Muilenburg, president and CEO of the Boeing Company, testifies before the House Transportation and Infrastructure Committee October 30, 2019 on Capitol Hill in Washington, DC. The committee held a hearing on “The Boeing 737 MAX: Examining the Design, Development, and Marketing of the Aircraft.” (Photo by Alex Wong/Getty Images)

Alex Wong / Getty Images

Boeing denied former CEO Dennis Muilenburg severance in his departure last month, the company said in a filing Friday.

Boeing fired Muilenburg last month amid a ballooning crisis around its 737 Max jets in the wake of two fatal crashes that killed 346 people. Longtime board member Dave Calhoun will become Boeing’s new CEO on Jan. 13.

A Boeing lifer who joined Boeing as an intern, Muilenburg exacerbated the company’s 737 Max problems over the planes by repeatedly issuing forecast about when the planes would return to service, drawing rare public rebukes from the Federal Aviation Administration.

He was also criticized by lawmakers for taking too long to accept blame in the crashes and for failing to spot safety risks before the planes, Boeing’s best-seller, came to market in 2017.

“Mr. Muilenburg is not entitled to-and did not receive-any severance or separation payments in connection with his retirement after more than 30 years with the Company,” Boeing said in a filing on Friday.

Correction: This article has been updated to correct the value of the stock that Boeing’s ousted CEO forfeited. The value would have been $14.6 million.

This is breaking news. Please check back for updates.

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