Boeing’s Disgraced Ex-CEO Returns to the Aerospace Industry– Backed by $240 Million

 Boeing’s Disgraced Ex-CEO Returns to the Aerospace Industry– Backed by $240 Million

In December 2019, reeling from the growing fallout of two crashes that killed 346 individuals, Boeing fired its CEO, Dennis Muilenburg. While he departed in disgrace, he was barely frog-marched to the exit: The previous chief will receive $60 million in stock alternatives and pension benefits. And his time in the business wilderness hasn’t been long. Two years after the crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, both of which involved Boeing’s 737 Max planes, Muilenburg is back, running a vaguely specified holding business in the aerospace and defense industry.

Muilenburg is now the CEO and chairman of New Vista Acquisition Corp. The new company, which went public on Wednesday after raising $240 million, is a special-purpose acquisition business, or SPAC: a kind of blank-check financial lorry that’s ended up being a popular approach for business– consisting of some run by sports and Hollywood celebs– to assist in mergers and go public without much of the scrutiny related to a going public. In this role, Muilenburg will be mostly free from investor oversight– to the discouragement of crash victims’ households.

” Dennis Muilenburg need to be safeguarding himself in criminal court right now as the lead conspirator in corporate homicide in 2 aircraft crashes,” said Michael Stumo, whose child, Samya Rose Stumo, 24, passed away in the Ethiopian Airlines crash.

Last month, the Department of Justice’s scams department announced a $ 2.5 billion settlement with Boeing, in which the business admitted that two of its staff members had tricked the Federal Aviation Administration about important software in the 737 Max that assists to avoid crashes. Hence ended the government’s criminal examination into the 2 lethal crashes– and the chain of business, bureaucratic, and technical impropriety that resulted in them. In the eyes of victims’ families, though, this arrangement was a whitewash The genuine blame, they state, lies not with 2 midlevel staff members but with the executives who supervised them and oversaw a penny-pinching job created to rush a slapdash aircraft to market.

And now, the CEO who managed the intro of the 737 Max is return

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Redak staff

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