Thousands of workers jobs cut as former boss walks away with $62M

The previous chief executive was &quot;contractually entitled to receive $62.2m in stock and pension awards&quot; that was accrued over 35 years at the company, but &quot;he did not receive any severance pay or a 2019 annual bonus&quot;.<p>How this is relevant in connection to the loss of jobs due to production interruptions is not at all clear. My impressions is that it&#x27;s only made as clickbait in the hope that the reader would believe that he got it as severance or bonus payment.

Spirit Aerosystems has been a consistent problem for Boeing. Quality problems there are so great that people are flying planes from Kansas to Washington to get their safety and quality check out. Boeing, the union, and the workers all have turned a blind eye to quality and safety, and that’s why people - the CEO and the workers - are entitled to what they have in a contact. That does not cover future employment. the ultimate outcome here was easily predictable by anyone watching Boeing on the last 10 years, and by no means is the problem only at the top.<p>Boeing is heading towards a government bail out very rapidly.

&gt;“I’m going through the struggle of finding a job, which is hard enough here in Wichita without 2,800 others also looking.”<p>This is why people put up with the high cost of living cities.

CEO was rewarded for increasing artificially the stock price, through stock buy backs. He did a good job at that and a bad job at managing an industrial company. That s how big companies start to fail, they lose sight of what matters.

<i>&quot;I’m going through the struggle of finding a job, which is hard enough here in Wichita without 2,800 others also looking.”</i><p>This is like being a software engineer and living somewhere outside the BA.

This is what capitalism looks like. This is happening all over, and shouldn&#x27;t come as any particular surprise to anyone.<p>We&#x27;ve been on this neoliberal track for the past 40-50 years and it&#x27;s consistently been to the benefit of the bosses at the top and none of the workers below.<p>I&#x27;d love to see more coops, more unions, heck, even nationalizing some companies (like Boeing in particular) and putting different objectives in place than purely capital gain.<p>Unions aren&#x27;t a silver bullet. Some unions are bad. Coops aren&#x27;t a silver bullet, and some coops are bad. But we&#x27;re clearly much too far in the neoliberal capitalist sphere now.

That’s nothing. Look at the numbers for WeWork and Adam Neumann.