Boeing CEO Muilenburg 'has done everything right' says chairman

Boeing CEO Muilenburg 'has done everything right,' says chairman

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Boeing CEO Dennis Muilenberg offered to forego his bonus for 2019 amid lingering fallout from two deadly crashes involving the 737 Max jetliner, the company's new chairman said on Tuesday.

Muilenburg suggested scrapping his bonus on November 2, Calhoun said, days after an appearance in Congress in which angry lawmakers and the relatives of crash victims assailed the CEO's compensation.

Boeing's board has kept a low profile during the crisis over the MAX, which was grounded worldwide in March following the second of the two crashes.

When discussing how to revitalize the brand, Calhoun said they would rely on their actions instead of words.

U.S. airlines are not planning on using the plane until at least January or February, and it could take longer in other parts of the world, where regulators want to conduct their own reviews of Boeing's work.

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The letter said the victims' loved ones "deserve a thorough investigation from our Committee about how the regulatory system and the law failed, and that's exactly what our committee intends to do". "If a rebalancing has to happen by way of reform, so be it".

Boeing Chairman David Calhoun told CNBC it was Muilenburg's idea to forgo his bonus in 2019 and concentrate on leading the revamping of the flight-control system blamed for the crashes that killed 346 people.

"No one was hiding anything".

Muilenburg suggested scrapping his bonus during a phone call over the weekend, Calhoun said.

The board gave that job to Calhoun, a senior executive at the private equity firm Blackstone who previously led General Electric's jet-engine business and was reported to be in the running for Boeing CEO more than a decade ago.

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The November 6 release consisted of transcripts of Taylor's question-and-answer session with House lawmakers. He also said he wanted to provide testimony "with as much candor and integrity as I possibly could".

Calhoun stated the crashes also exposed "flawed" assumptions about how pilots would respond to a malfunction of the process.

Boeing will work to compensate customers for the disruption caused by the grounding, Calhoun said in response to questions about recent criticism from the CEOs of Southwest Airlines Co. and American Airlines Group Inc.

"There's no question there will be settlements", Calhoun said. Only $1.7 million of his total compensation for that year was paid through his salary, according to Boeing's proxy statement. In the two previous years, those components amounted to $14.2 million and $11.6 million, respectively. He also received stock awards.

The manufacturer plans to continue using the 737 Max brand name, Calhoun said.

When Boeing could consider steps to fortify the visibility of its commitment to basic safety, "I do not think that this occasion is indicative of a cultural trouble", he mentioned.

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