How’d ya like to be the first crew to ride this.
Dennis Muilenburg is resigning from his position as Boeing’s CEO.
Any word on golden parachutes for the man?
He won’t end up living in his car.
Fortune magazine, November 6, 2019
Boeing’s new chairman gave embattled CEO Dennis Muilenburg a vote of confidence Tuesday and said the chief executive is giving up any bonus this year.
Muilenburg’s compensation last year was worth $23.4 million, including a $13.1 million bonus and $7.3 million in stock awards. Stock awards from previous years that vested in 2018 pushed Muilenburg’s haul to just over $30 million.
Boeing has reported that the Max grounding will cost it at least $9 billion in extra production spending and compensation for airlines that have canceled thousands of flights.
I flew on the Max 8 a couple times prior to the two crashes and I can say that I will actively avoid them going forward when choosing flights.
I doubt anyone gets surprised at this stage…
The fact that modern day USA CEO’s get paid severances and other gibs when they are fired is astounding. Everybody at the top claims “this is what’s required to recruit talent”, which is absolute BS. There are plenty of qualified people siting in VP positions that could fill the CEO slot, do it better, and would gladly do it for less…to include fewer stipulations regarding termination.
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Not sure why this is even discussed after the CEO in question is terminated ? These terms are negotiated and agreed to in writing before said CEO ever walks in the door.
It is unfortunate that the “golden parachute” has become SOP at most large Corps.
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Employment contracts at that level are drawn and scrutinized by teams of lawyers representing the respective sides. If there are any loopholes, they’ll be tighter than a gnat’s ass.
There are no lawyers representing the stockholders, just the board of directors whose jobs and future fortune depend on a friendly CEO. There is no human being living or dead worth being paid 10’s of millions of dollars after being fired for doing a shitty job. That the institutional investors and hedge funds that own the majority of publicly held companies go along with this BS is proof positive the entire system is broken. Hell, if a line worker at Boeing got fired for not installing rivets properly they probably would not even get unemployment compensation.
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the stockholders get to vote at the agm, thats the only place they have power
Here the Christmas and New Year holidays occurring in summer the heat, too much food and drink has one searching for something to read in a little visited bookcase. I found a paperback written by Michael Crichton first published in 1996 by Alfred A. Knopf called Airframe. The guy must have had a crystal ball. It’s pretty well chapter and verse what’s happening with Boeing.
Just settled with Southwest on lost revenue in their all Boeing fleet. 125 million. Ceo of SW returning that to the employees. More settlements coming to SW Air on different “Areas” from Boeing.
Not selling SW by any means, I avoided flying since I retired. Not having those 737 max planes ready cost them MAJOR bucks. Their business model is one of the best in the industry. Boeing does not want to lose that business.
Cant see why they just cant disable the MCAS and train/ tell the pilots what to avoid?
To this day I have not come across a solid answer to that question anywhere.
Cheers,
Earl
my buddy ( pilot sim instructor) says no problem to fly without as long as you dont do huge pull up and turn on takeoff.
In his opinion it was just another mod to allow idiot pilots to be in command and try to stop them from crashing
That’s going well, ya think?
airlines keep making better idiots and calling them pilots
The crashes are perfect examples, had they put the autopilot on asap like all the beginners usually do ( and crap airlines demand it) they would not have crashed.
Unfortunately the pilots thought they could fly and by the time they tried to put the autopilot on they were well into overspeed ( beginner mistake) as they were not paying attention to airspeed so it wont go on.