Boeing CEO Dennis Muilenburg. Photo: Alex Wong/Getty Images

Boeing CEO Dennis Muilenburg said Wednesday that he plans to contribute a substantial amount of the "tens of millions of dollars" he's forgoing in pay to funds the company has set up for the families of the 346 victims of the two 737 MAX crashes.

Background: Speaking at the New York Times' DealBook conference, Muilenburg said the decision to forgo his bonuses came after he met last week with the families of the people killed in the crashes caused by faulty technology in Boeing's signature plane.

Details: In an interview with CNBC, Boeing's new chair Dave Calhoun said Muilenberg would not be awarded any bonuses or any equity grants for this year "until the [737 Max in its entirety is back in the air and flying safely."

Yes, but: Muilenburg didn't detail how of his pay much he'd donate.

  • A Boeing spokesperson tells Axios in an email that Muilenburg "has committed to donating the entire value of any previous equity grants that vest in 2020." He'll receive the equity, then donate the value.
  • Muilenburg elaborated at DealBook he also plans to donate part of his bonuses to charity, while another part will be allocated to the victims compensation fund. The Boeing spokesperson said how much would go to the charity vs. the compensation fund has not yet been determined.
  • As for which organization and which funds the money will go toward: "it will depend on where the greatest need is at the time of vesting (Feb/Mar 2020)," the spokesperson said.

The big picture: Last week, Muilenburg took heat from lawmakers about his 2018 compensation — which included a $13.1 million bonus, per CNBC — in light of the incidents. In total, the CEO received $23.4 million in compensation last year

  • Muilenburg, who has been pressed to resign, said he had "thought about resigning" in the wake of the 737 MAX crisis, but he didn't see "running away from a challenge" as the "right solution."

Go deeper: Everything you need to know about the Boeing 737 MAX crashes

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Deadly storm Zeta pummels parts of Alabama and Florida

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Former Hurricane Zeta has killed at least one person after a downed power line electrocuted a 55-year-old in Louisiana as the storm's powerful winds and heavy rainfall moved into Alabama overnight.

What's happening: After "battering southeastern Louisiana and southern Mississippi," Zeta weakened to a tropical storm over central Alabama early on Thursday, per the National Hurricane Center.

Taiwan reaches a record 200 days with no local coronavirus cases

Catholics go through containment protocols including body-temperature measurement and hands-sanitisation before entering the Saint Christopher Parish Church, Taipei City, Taiwan, in July. Photo: Ceng Shou Yi/NurPhoto via Getty Images

Taiwan on Thursday marked no locally transmitted coronavirus cases for 200 days, as the island of 23 million people's total number of infections reported stands at 550 and the COVID-19 death toll at seven.

Why it matters: Nowhere else in the world has reached such a milestone. While COVID-19 cases surge across the U.S. and Europe, Taiwan's last locally transmitted case was on April 12. Experts credit tightly regulated travel, early border closure, "rigorous contact tracing, technology-enforced quarantine and universal mask wearing," along with the island state's previous experience with the SARS virus, per Bloomberg.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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