Boeing CEO Dennis Muilenburg announced that he was stepping down from the corporation on Monday, according to a report by The Associated Press. The announcement comes as the company is in the midst of a controversy surrounding the Max 737 aircraft that had been involved in two separate crashes that have caused the deaths of 346 people. Muilenburg’s resignation brings an end to his career with the company that he joined as an intern in 1985 and helped him amass a net worth of $80 million, according to Celebrity Net Worth.
Muilenburg’s Career With Boeing Made Him Millions
Muilenburg’s path to Boeing began at Iowa State University where he received a bachelor’s degree in Aerospace Engineering before moving on to the University of Washington where he received a master’s degree in Aeronautics and Astronautics. While still attending the university, Muilenburg began his involvement with Boeing as an intern before he was hired to work on various management and engineering positions on a variety of Boeing’s programs. Muilenburg would move up the ranks, eventually becoming vice president of the Boeing Combat Systems division and serving as president and chief executive officer of Boeing Integrated Defense Systems from 2009 until 2015.
In June 2015, it was announced that Muilenburg would become the next CEO of Boeing, succeeding James McNerney, who stepped down from the role after a decade in charge. Muilenburg stepped into the role in July 2015. In 2016, Muilenburg gained more power in the company, becoming Boeing’s chairman of the board of directors. His salary with Boeing paid him tens of millions a year, with the CEO raking in $23.4 million in 2018 despite the controversy surrounding the company.
Muilenburg’s 130,000 shares of Boeing have also played a major role in his impressive net worth. Those shares are equal to about $40 million and place him among the four largest shareholders with the company. It is unclear what the fate of those shares will be in the aftermath of Muilenburg’s resignation.
BREAKING: Boeing CEO Dennis Muilenburg, ensnared in Boeing 737 Max tragedy, to step down immediately. https://t.co/pfGZwsWGSs
— The Associated Press (@AP) December 23, 2019
Muilenburg Was Involved With Companies Outside Of Boeing
While being the CEO of Boeing obvious dominated the majority of Muilenburg’s business life, he was also involved with several other companies and organizations as a member of the board of directors. Those companies as of the time of publishing are the Aerospace Industries Association, Caterpillar Inc., and the US-China Business Council. Muilenburg’s role with Boeing was instrumental to his involvement with those corporations and organizations, and it is unclear what his role will be on each of those boards upon his resignation.