Boeing CEO Dennis Muilenburg will not get stock or bonuses that provide most of his compensation, according to the new chairman of the company.
In an interview on CNBC Tuesday morning, Dave Calhoun, who was named Boeing's chairman last month when the board stripped Muilenburg of that title, said that the CEO called him Saturday morning to suggest he shouldn't take any stock or bonus money for this year.
The stock and bonus make up the overwhelming majority of Muilenberg's pay. In 2018, he received total compensation of $23.4 million, of which $20.4 million was in the form of stock and bonuses.
Last week, Muilenburg faced two days of harsh questioning on Capitol Hill from House and Senate committee members, some of whom questioned whether he should give up his pay in the wake of the two fatal 737 Max crashes tied to a faulty safety system on the plane. Boeing is awaiting approval to have the plane fly again.
Calhoun said that Muilenburg will receive no stock grants until the plane, grounded since March, is fully back in service. He said that process, which includes deliveries of about 400 planes that Boeing has built during the grounding but not yet delivered, won't be completed until early 2021.
But he added that the Boeing board believes Muilenburg has done everything right during this crisis and that he still has the confidence of the board.