Don't let the door hit you on the butt on the way out

"ttyymmnn" (ttyymmnn)
12/23/2019 at 11:02 • Filed to: Planelopnik

Boeing CEO Dennis Muilenburg has resigned in the wake of the ongoing 737 MAX debacle. It’s about time.

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DISCUSSION (35)

MasterMario - Keeper of the V8s > ttyymmnn
12/23/2019 at 11:17

Any mention as to whether he was given a gold parachute? Or was his backpack filled with lead?

ttyymmnn > MasterMario - Keeper of the V8s
12/23/2019 at 11:20

I haven’t heard, but I’m guessing he won’t be on any breadlines.

MasterMario - Keeper of the V8s > ttyymmnn
12/23/2019 at 11:22

I haven’t seen anything in any of the news reports I’ve read. I’m curious if he still got some sort of severance package that CEOs seem to always get no matter how a company performed.

Spanfeller is a twat > ttyymmnn
12/23/2019 at 11:27

I guess we’ll see him at the bitter end

ttyymmnn > MasterMario - Keeper of the V8s
12/23/2019 at 11:27

As Chairman, President and Chief Executive Officer at BOEING CO , Dennis A. Muilenburg made $23,392,187 in total compensation. Of this total $1,700,000 was received as a salary, $13,076,350 was received as a bonus, $0 was received in stock options, $7,330,916 was awarded as stock and $1,284,921 came from other types of compensation. This information is according to proxy statements filed for the 2018 fiscal year. ( salary.com )

Of course, this is just pay. Most people would never have to work another day in their life after just one year of salary like this.

Biggus Dickus (RevsBro) > MasterMario - Keeper of the V8s
12/23/2019 at 11:28

CEOs of companies this size are almost always under employment contracts. Termination clause has some sort of payment in it.

Grindintosecond > ttyymmnn
12/23/2019 at 11:31

usually, a giant CEO has provisions for lifetime healthcare, and large lump sums of cash/stock regardless of the reason for leaving, all built into their contract language.

ttyymmnn > Grindintosecond
12/23/2019 at 11:32

Yup. He’ll be fine. Seems like there should be some provision to revoke all of that if the CEO flies the company into the ground.

Tapas > ttyymmnn
12/23/2019 at 11:34

He’ll leave with $30 mil and could brag about this during his next job interview....

Kinja'd!!!

Jason Spears > ttyymmnn
12/23/2019 at 11:34

if the CEO flies the company into the ground

And that’s not even a metaphor.

ttyymmnn > Tapas
12/23/2019 at 11:38

You owe me a new keyboard.

ttyymmnn > Jason Spears
12/23/2019 at 11:40

Exactly.

Ash78, voting early and often > ttyymmnn
12/23/2019 at 11:51

I wonder if Boeing’s E &O insurance policies will cover his legal fees on the eventual wrongful death lawsuits (I believe they usually do) . I suspect this guy will be tied up in court cases for another decade or more. The compensation is nice, but life isn’t exactly going to be easy for a while.

ttyymmnn > Biggus Dickus (RevsBro)
12/23/2019 at 11:52

He wasn’t terminated. He resigned, presumably before he could be terminated.

Kinja'd!!!

404 - User No Longer Available > ttyymmnn
12/23/2019 at 11:56

There’s always this theory that for you to be a successful CEO type... you practically have to be a psycopath. Guess it’s true.

lone_liberal > ttyymmnn
12/23/2019 at 11:57

Moving their headquarters to Chicago and divorcing it from any production facility was a huge mistake. The business people don’t have any awareness of what it is that they actually do to make their money. It’s all just widgets to them now.

ttyymmnn > 404 - User No Longer Available
12/23/2019 at 11:58

Maybe psychopath is a bit strong, but you have to be able to separate humanity and common sense from returns for the shareholders.

someassemblyrequired > ttyymmnn
12/23/2019 at 12:01

His replacement is worse - much worse. Ex-GE - exactly the wrong person.

ttyymmnn > Biggus Dickus (RevsBro)
12/23/2019 at 12:09

BBC is reporting that he was fired, while AvWeb says he resigned. It may well have been a case of resign or be fired. He was allowed to fall on his sword.

https://www.bbc.com/news/business-50893490

facw > MasterMario - Keeper of the V8s
12/23/2019 at 12:12

I’d be shocked if he wasn’t getting a golden parachute. It’s just standard for these positions. If he didn’t get one they should have been have concerned about his terrible negotiating skills.

Kiltedpadre > ttyymmnn
12/23/2019 at 12:14

I’m sure he’ll feel terrible as he rattles around his estate until the dust settles enough for him to take a position at a new, though most likely smaller, company.

facw > ttyymmnn
12/23/2019 at 12:15

And of course they’ve brought in a bean- counter to replace him. Not really what Boeing needs, though I guess what they need most of all is someone willing to ask whether they are cutting too far in their pursuit better margins.

CarsofFortLangley - Oppo Forever > Ash78, voting early and often
12/23/2019 at 12:20

Likely

fintail > ttyymmnn
12/23/2019 at 12:49

I guess that’s what passes for accountability in the executive ranks these days. I wonder if he pays taxes.

ttyymmnn > fintail
12/23/2019 at 12:55

He pays taxes just like you and me. But he can afford an accountant who can find all the loopholes.

MasterMario - Keeper of the V8s > lone_liberal
12/23/2019 at 13:56

The trend of moving corporate leadership/teams far away from production is so ass backwards. And for what? Maybe a few more resumes when jobs open up?

someassemblyrequired > lone_liberal
12/23/2019 at 14:19

It adds so much risk, and also prevents those with production experience from advancing.

DipodomysDeserti > Ash78, voting early and often
12/23/2019 at 14:47

The guy made over $23 million last year, his life will be plenty easy regardless of what happens in civil court.

Ash78, voting early and often > DipodomysDeserti
12/23/2019 at 14:56

True, but in the scope of all the shit CEOs have gotten away with, I guess there’s some poetic justice that his life will be at least “somewhat annoying” for years to come. It’s not prison, but it would be more punishment than most people walk away with.

fintail > ttyymmnn
12/23/2019 at 15:02

In other words , relative to income (especially discretionary) , he likely pays a lot less taxes than you or I.

The more we coddle this segment, the wider the gap.

DipodomysDeserti > Ash78, voting early and often
12/23/2019 at 16:40

Most people in the world go to jail for buying the wrong type of drugs. Carlos Ghosn is going to go to prison for who knows what, and Martha Stewart wen to prison for something that isn’t even illegal for congressional representatives. I don’t think any of the family members of the 300+ people killed in these crashes would consider this anything close to justice. There certainly isn’t anything poetic about it.

pip bip - choose Corrour > ttyymmnn
12/24/2019 at 04:06

no loss

404 - User No Longer Available > ttyymmnn
12/24/2019 at 14:20

Psychopath was the actual word used.

https://www.businessinsider.com/ceos-often-have-psychopathic-traits-2017-7

Only Vespas... > ttyymmnn
12/25/2019 at 02:33

Wait. Not to be technical but isn’t it: Don't let the door hit you IN the butt on the way out?

ttyymmnn > Only Vespas...
12/25/2019 at 03:43

I guess it all depends on whether you like it on the butt or in the butt.