The Big Picture:
We're seeing different reports about Boeing CEO Dennis Muilenburg's recent departure from the company. The New York Times says he was fired. Others say he resigned. Either way, he's out!
What Happened?
Boeing is plagued by crisis associated with the crashes of two of its 737 Max jets, killing 346 people. The jets have been grounded since March and the company recently it was closing the factory that makes those jets.
To make matters worse, the Boeing Starliner orbital test launch last week was botched. The spacecraft was unable to rendezvous with the International Space Station. Its mission was cut short. It landed yesterday morning. By evening, the Board of Directors ousted Muilenburg.
Don't Worry About Him
According to Barrons, Muilenburg earned more than $70 million between 2015 and 2018, and can walk away with another $30 to $40 million in severance pay.
Who's In?
Boeing’s CFO Greg Smith will serve as interim chief until January 13, 2020, when Boeing Chairman David Calhoun will become CEO.
Image: Bloomberg Finance via Forbes