Boeing chair: CEO won't get bonus until Max flies


In an interview with CNBC, chairman David Calhoun publicly backed Muilenburg and insisted on the company's faith in his ability.

"From the vantage point of our board", he said, "Dennis has done everything right".

The board gave that job to Calhoun, a senior executive at the private equity firm Blackstone who previously led General Electric's jet-engine business and was reported to be in the running for Boeing CEO more than a decade ago.

'Dennis didn't create this problem, but from the beginning he knew that MCAS should and could be done better, and he has led a program to rewrite MCAS to alleviate all of those conditions that ultimately beset two unfortunate crews and the families and victims'.

The aforementioned stock and bonus money composes a large majority of Muilenberg's pay.

Calhoun said Muilenburg had asked not to receive a bonus for 2019 after lawmakers lambasted the CEO over his pay at the hearing last week.

Muilenburg is now under investigation by the Justice Department and Congress.

A second 737 Max crash in March 2019, in Ethiopia, also minutes after takeoff, changed everything for Boeing, its airline customers and the flying public. He said that while the relationship between Boeing and the Federal Aviation Administration over certification has delivered strong results, that wasn't true for the Max. Last year, Muilenburg was paid $23.4 million and earned $13.1 million in incentives. Stock awards from previous years that vested in 2018 pushed Muilenburg's haul to just over $30 million.

Mr Muilenburg has conceded, however, that fixing MCAS has taken far longer than Boeing expected.

That's according to Peter DeFazio, chairman of the U.S. House Transportation and Infrastructure Committee, and Rick Larsen, the head of its aviation subcommittee, who shared their thoughts with fellow lawmakers in a joint letter.

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.

The company removed Muilenburg as board chairman october 11, saying that the move would allow him to better focus on getting its best-selling 737 Max back in the air after it was banned by aviation regulators around the world after the crashes.

He was also reportedly considered for Boeing's CEO position more than a decade ago.

Calhoun said that the current regulatory schedule suggests that "our airplane will get certified, and as we turn the year we can begin to move forward on getting these back in the air".

He said: 'The only to win a brand back is not to advertise or talk about it, but to win it with every next flight'.