What is Dennis Muilenburg's Net Worth and Salary?
Dennis Muilenburg is an engineer and business executive who has a net worth of $100 million. Dennis Muilenburg served as the CEO of the Boeing Company from 2015 to 2019. He was ultimately fired from his position in the wake of two major crashes of 737 MAX airliners on passenger flights, and the subsequent mass groundings of the 737 MAX aircraft. In other activities, Muilenburg has served on the boards of Caterpillar Inc., Northwestern University, Washington University in St. Louis, and the US-China Business Council, among other organizations.
Salary & Stock Holdings
At the time he departed Boeing, Dennis Muilenburg owned 130,000 shares of Boeing which had a pre-tax market value of $40 million. That made him one of the four largest individual shareholders of the company. He earned $23.4 million in total compensation for 2018. For 2019 he likely earned just his base salary which amounts to around $3 million. When he earned $23.4 million in 2014, roughly $20.4 million was a mix of bonus and stock options.
Upon being fired from Boeing, it was revealed that Dennis would be allowed to walk away with $18.5 million worth of exercised stock options and $62 million worth of pay and pension benefits for a total exit package north of $80 million. By comparison, Boeing set aside $500 million to compensate family members of 737 crash victims.
Early Life and Education
Dennis Muilenburg was born in 1964 in Orange City, Iowa and was raised on a farm. As a teenager, he went to Sioux Center High School, graduating in 1982. Muilenburg went on to attend Iowa State University, from which he earned his Bachelor of Science degree in aerospace engineering. He subsequently obtained a Master of Science degree in aeronautics and astronautics from the University of Washington.
Boeing
Muilenburg began his long relationship with the Boeing Company in 1985, when he worked there as an intern. Later, as an employee, he held an array of management and engineering positions on various Boeing programs, including the X-32, the Lockheed Martin F-22 Raptor, and the High Speed Civil Transport. Muilenburg eventually worked his way up to become vice president of the Boeing combat systems division, as well as program manager of the Army's Future Combat Systems program. From 2009 to 2015, he served as president and CEO of Boeing Integrated Defense Systems, later renamed Boeing Defense, Space & Security. During that time, in 2013, he became the president of the Boeing Company. Muilenburg went on to succeed James McNerney as the CEO of Boeing in the summer of 2015; he later succeeded McNerney as chairman of the board, as well.
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Muilenburg's tenure as CEO of Boeing was largely disastrous. In 2018, after agreeing to a fixed-price contract to deliver two customized 747 planes to the US government, the company lost billions. The next year, two passenger flights using Boeing 737 MAX airliners – Ethiopian Airlines Flight 302 and Lion Air Flight 610 – crashed, resulting in the deaths of 346 people. Subsequently, 737 MAX aircraft were grounded around the world due to safety concerns. Heavily criticized for the crashes, Muilenburg elected not to take a bonus for the year. He was ultimately fired from his positions as Boeing's CEO and board director in late 2019. Muilenburg received over $62 million in stock and pension awards upon his departure, which earned him further harsh criticism. He was succeeded as CEO and president by David L. Calhoun in early 2020.
Board Memberships
Beyond Boeing, Muilenburg has served on the boards of several other companies and organizations over the years. His board memberships have included the Aerospace Industries Association, Caterpillar Inc., Northwestern University, Washington University in St. Louis, and the US-China Business Council. He is also a trustee of the National WWII Museum in New Orleans, Louisiana.
Personal Life
With his wife Rebecca, Muilenburg has two children.
