Ousted Boeing CEO Dennis Muilenburg will not receive severance as part of his departure from the embattled company, the company disclosed late Friday.
Muilenburg lost his job due to the ongoing Boeing 737 Max crisis. Boeing's board had stuck with Muilenburg through the first 10 months of the grounding of all 737 Max jets following two fatal crashes that killed 346 people. But on Dec. 23 the board announced that "a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders."
Muilenburg will get to keep some of the stock he accumulated during his 30 years as a Boeing executive. Those holdings were worth $29.4 million as of Thursday's closing price, according to a company filing. But Muilenburg will lose other shares and options in which he was not yet vested. Those shares were worth $14.6 million, according to the filing.
The announcement comes a day after Boeing released internal communications among unidentified employees in which they mocked the design of the 737 and questioned the safety of the plane. The documents had been turned over to to the FAA in December, and were given to congressional committees looking into the 737 Max crisis on Thursday. Among the comments in the communications were one which described the jet as "designed by clowns, who in turn are supervised by monkeys."
In a different communication two employees agreed that they would not let their families fly on the plane.
"We regret the content of these communications, and apologize to the [Federal Aviation Administration], Congress, our airline customers, and to the flying public for them," the company said when they were released Thursday.
Greg Smith, the company's chief financial officer, has been the interim CEO since Muilenburg's departure. Muilenburg had already been stripped of his title as chairman of Boeing in October. On Monday Dave Calhoun, who had been serving as chairman of Boeing since October, will assume the position of CEO.