Boeing's former CEO, who was fired over the 737 Max crisis, won't get severance pay

Reuters

Boeing CEO Muilenburg testifies before Senate Commerce, Science and Transportation hearing on grounded 737 MAX on Capitol Hill in Washington

• Ousted Boeing CEO Dennis Muilenburg did not receive any severance when he was fired in December, a new regulatory filing shows.
• Muilenburg was fired after months of criticism over his handling of the 737 Max crisis.
• The 737 Max has been grounded since March, 2019, following the second of two fatal crashes.
• Sign up for Business Insider's transportation newsletter, Shifting Gears, to get more stories like this in your inbox.
• Visit Business Insider's homepage for more stories.

Boeing Co's former chief executive officer, Dennis Muilenburg, is not entitled to and did not receive any severance or separation payments in connection with his departure, the U.S. planemaker said in a regulatory filing on Friday.

Muilenburg was fired from the job in December as the company failed to contain the fallout from a pair of fatal crashes that halted output of its bestselling 737 Max jetliner and tarnished its reputation with airlines and regulators.

He was replaced by Boeing board chairman David Calhoun, 62, a turnaround veteran and former General Electric Co executive who has led several companies in crisis.

Based on Boeing securities filings from early 2019, Muilenburg was eligible for about $39 million in severance.

"Upon his departure, Dennis received the benefits to which he was contractually entitled and he did not receive any severance pay or a 2019 annual bonus," Boeing said in a statement.

The 737 Max has been grounded since March. The deadly accidents in Indonesia and Ethiopia within five months killed 346 people.

Calhoun, who starts as CEO on Monday, will receive a base salary at an annual rate of $1.4 million, Boeing said.

Get the latest Boeing stock price here.