Boeing’s CEO Was Fired And May Walk Away With $58.5 Million After Two Plane Crashes Killed 346 Passengers

 After two air crashes that killed more than 300 passengers, an aborted mission to the International Space Station and a recalcitrant attitude, Dennis Muilenburg, the CEO of Boeing, was fired on Monday.

Boeing initially boasted that its 737 MAX jet was the fastest-selling aircraft in its history, with nearly 5,000 orders from more than 100 customers worldwide. The hype did not live up to expectations and the reality was the loss of life.

The first accident occurred in 2018. Data collected from the plane's black box revealed that the pilots had trouble snatching control of the aircraft's automatic safety system. There were reports of the first crash that raised questions about the aircraft's confusing new software and lack of proper pilot training. The company's haste to bring the plane to market and a regulatory agency that allowed Boeing too much leeway was questioned. Concerns were put aside and a second accident occurred, killing hundreds of passengers. Only then did the company consider grounding the aircraft.

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Dennis Muilenburg was transported to Congress as part of his investigation into the circumstances surrounding the accidents. Members of Congress aggressively questioned him over reports that test pilots and others were aware of defects in the plane's anti-parking system. They demanded answers as to why the administration was not immediately informed of these allegations, or if they were, why they did not take immediate steps to ensure the safety of passengers.

The congressional hearing was a rare event in which both Democrats and Republicans were in unison. They jointly accused the company of putting profits ahead of passenger safety. Representatives alleged that the Federal Aviation Authority and Boeing maintained too close a relationship, which allowed the plane to go on the market too soon.

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"We have learned that we have made mistakes, and there are things we can improve. We take responsibility for that, we own that, we have made solutions in the future.He told Congress: "we are sorry, truly and deeply sorry.”

Senator Richard Blumenthal accused Boeing and Muilenberg of putting passengers in " flying coffins as a result of Boeing deciding to hide MCAS from pilots.Senator Ted Cruz said, " How come your team didn't come to you with their hair on fire, saying, 'We have a real problem here?What does that say about Boeing? Why didn't you act before 346 people died?In response to his concerns, Muilenberg said, " We don't 'sell' security; that's not our business model.After the Congressional hearing, Muilenburg was stripped of his presidency title, but was allowed to remain the CEO of Boeing.

Despite the tragedies, Muilenburg may leave Boeing with Boeing 58.5 million in cash and stock as part of its severance package, according to CBS News.

David Calhoun, currently the chairman of Boeing's Board of directors, will become the new CEO and Boeing CFO Greg Smith will serve as interim CEO.

Boeing said in a statement, the company "will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and their customers.In a message to employees from Boeing, the Chief Financial Officer Smith said that "the Board determined that they needed a change in leadership to restore confidence in the company progressed and that we will proceed with a renewed commitment to full transparency, including effective communication and proactive with the FAA, other global regulators and our customers."

Calhoun said, " I firmly believe in the future of Boeing and the 737 MAX. I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation."

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