Former Boeing CEO Dennis Muilenburg, who was fired by the board in late December after missing too many of his own predictions for the return to service of the 737 MAX, received last year $2 million in salary, another $2 million in other perks and benefits, plus long-term incentive stock awards that prorated could be worth about $39 million, according to the company’s annual proxy filing Friday.
Because the company’s financial performance has declined so sharply during the past year, a portion of the incentive awards will end up worth less than the target payout, so the $39 million target is likely a maximum amount.
In addition, Muilenburg walked away after 33 years at Boeing with a pension from the company worth $15 million.
That adds up to $58 million, lower than the $62 million reported after a filing about his departure in January. The discrepancy is because the larger figure included an increase in his pension value due to a shift in interest rates as well as contributions Muilenburg made to the pension plan on top of the company contributions.
The long-term incentive award total includes awards from previous years. For those awards in 2019, the maximum they will pay out totals just over $3 million.
Muilenburg, who technically was allowed to resign, received no severance pay and forfeited unvested 2019 stock awards worth about $9 million at the time of his departure.
Kevin McAllister, CEO of the Commercial Airplanes division, who was fired in October, received severance of $14.75 million in addition to salary of $1.2 million and about $400, 000 in other perks and benefits in 2019.
McAllister forfeited all of his long-term incentive awards.
Michael Luttig, the company’s chief counsel who retired in March — and who last year kept a tight legal rein on any executive or company statements about the cause of the 737 MAX crashes — received total 2019 compensation of approximately $6.4 million.
Friday’s proxy filing also provides details on three other top executives still at the company.
Boeing’s second-in-command, Greg Smith, chief financial officer and executive vice president in charge of performance and strategy, received total 2019 compensation of $18.5 million.
Stan Deal, who replaced McAllister as head of Commercial Airplanes, and who previously was in charge of Boeing’s aftermarket services division, received $4.2 million.
Tim Keating, executive vice president in charge of government operations — Boeing’s top lobbyist and strategist in Washington D.C. — received $4.4 million.