Boeing CEO ousted amid 737 Max backlash

Boeing has fired Dennis Muilenburg shortly after the company announced that production of the 737 Max 8, one of its leading models, would be shut down entirely.
1:51 | 12/24/19

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Transcript for Boeing CEO ousted amid 737 Max backlash
South Korea, thank you. Boeing in crisis. The company firing its CEO following the 737 max crashes and the botched spaceliner test over the weekend. David Kerley has the latest developments. His replacement already taking charge. Reporter: Already, Eva, good morning. The CEO who was chairman of the board until yesterday doesn't really officially start for three weeks but he's already been on the phone with the FAA and airline customers trying to reset relationships. And those relationships have frayed since those two crashes. A 737 max killing 350 and the inability to get that jet back into the air may have been the last straw for Dennis Muilenburg leading to his ouster. Boeing just ordered the shutdown of the production line. That was a serious concern for the board. There are already 400 brand-new jets sitting around the country that cannot be delivered to airline customers and Muilenburg actually angered the FAA when he announced they would start deliveries this month before it actually has been approved for certification. Now, we are told that the change in leadership may not change the actual recertification and return to flight of the 737 max, but it could actually change those relationships between Boeing and the FAA and its airline customers, Eva. All right, David Kerley. The CEO is fired. Does he leave empty handed? Reporter: We don't know but has the potential for a nearly $40 million payoff in severance. Boeing doesn't want to talk about compensation now, just the transition. We just received word there is more additional possibly embarrassing communications between Boeing employees about the system that may have been involved in these two crashes which the FAA has now been given and they are reviewing, Eva. David Kerley for us, thank you.

This transcript has been automatically generated and may not be 100% accurate.

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