Gerard Arpey, the top executive of AMR Corp. until its bankruptcy on Monday, will receive no golden parachute to leave -- not a penny in severance pay and no long-term incentives, according to a newspaper report.
Arpey lost stock options and other awards because he retired and was not vested, the Fort Worth Star-Telegram reported Wednesday.
But Arpey, who guided the company over the past eight years, is hardly leaving American a poor man.
Over the years, he cashed in millions in stock options.
In May, he still held nearly 2.5 million shares of AMR stock, which, even at today’s junk-bond prices, are worth $832,000, the newspaper said.
Arpey, 53, also will begin receiving a company pension worth more than $4.5 million when he turns 55, the newspaper reported.
He will also be allowed to fly free for the rest of his life.
Read More at the Star-Telegram:Ex-AMR boss Arpey receives no severance, filing says