• Dennis Muilenburg replaced as Boeing CEO
  • He received a $13 million bonus in 2018
  • Chairman David Calhoun will take over as Boeing CEO in January 2020

Dennis Muilenburg’s net worth is around $80 million. He started his position as Boeing CEO in 2015. After four years on the job, he was ousted on December 23.

Muilenburg started working for Boeing in 1985 and worked his way to the top. In October 2018, a tragedy struck when one of the Boeing 737 crashed in Indonesia, resulting to the fatal end of everyone on board. Less than six months had passed when another fatal tragedy happened after Ethiopian Airlines' 737 Max crashed. A total of 346 lives were lost in these two unfortunate events. The Boeing 737 Max fleet was grounded worldwide as a consequence.

Experts claim that his ousting was due to the issues that surround the Boeing 737 Max. The ousted CEO was at the company’s helm when 737 Max was designed. Originally, the plane was expected to be Boeing’s answer to rival Airbus and save the company a lot in the process. Instead, the design approved was to modify the 1960s-era 737 design.

Muilenburg owns 130,000 shares of Boeing which has a market value of $40 million. In 2018, he took home $23.4 million in compensation. According to Celebrity Net Worth, it is estimated that Dennis Muilenburg received just $3 million in 2019.

Before the tragedies, orders were up for 737 Max. The company reached a milestone last year after eclipsing the $100 billion in sales mark. As the CEO, Muilenburg received a $13 million bonus in 2018. The bonus was given after exceeding targets such as free cash flow, per-share earnings, revenue and three-year economic profit goal. His pay in 2019 represents a 27 percent increase compared to what he received in 2017.

The Boeing 737 used to be the most commercially successful airplane for the company until the crashes happened. Now, the future remains uncertain as the airplane is still grounded and a change in CEO brought turmoil to Boeing’s stocks which lost about 20 percent since the second crash.

Chairman David Calhoun is set to take over on January 2020. His most pressing concern is the 737 Max and how to repair the company’s image. Not to mention how to smoothen ties again with the U.S. regulators. Per Bloomberg, next up for Calhoun is to fix production of 777X which is seen at the next big hope for Boeing.

Boeing replaced Dennis Muilenburg as CEO amid the protracted 737 MAX crisis
Boeing replaced Dennis Muilenburg as CEO amid the protracted 737 MAX crisis GETTY IMAGES NORTH AMERICA / ALEX WONG