After two days of brutal, back-to-back grilling in Washington that, among other things, focused on the size of CEO Dennis Muilenburg’s compensation, the Boeing boss told the board of directors he would not be taking a bonus this year. But, then, neither are Boeing’s other managers.
According to a report in The Seattle Times, Boeing told its employees in an internal memo, “With only one quarter left in the year, the grounding since March of the 737 MAX and the associated financial effects have severely impacted the company’s performance by limiting the ability to deliver planes and collect on customer contracts. The company does not see a path to achieving an incentive payout for 2019.” Last year, Boeing employees in Washington state collectively took home almost $429 million in incentives, nearly $7000 per employee.
Muilenburg’s compensation was a hot topic on the day he testified before the U.S. House of Representatives’ Committee on Transportation & Infrastructure last week. Last year, Muilenburg was paid $23.4 million and earned $13.1 million in incentives. Several of the committee members questioned Muilenburg about his compensation and wondered why he hadn’t agreed to forfeit his salary after the two crashes the resulted in 346 deaths and the grounding of the 737 MAX. Several committee members also suggested Muilenburg should step down. READ MORE (Avweb)