Coverage of the merger between American Airlines and US Airways

No Golden Parachute for AMR's Top Exec

But Arpey receives pension worth more than $4.5 million at age 55

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    NEWSLETTERS

    Former CEO Gerard Arpey lost stock options and other awards because he retired and was not vested, but he is hardly leaving the company a poor man.

    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.

    Arpey Leaves AMR Without Severance

    [DFW] Arpey Leaves AMR Without Severance
    Former CEO Gerard Arpey lost stock options and other awards because he retired and was not vested, but he is hardly leaving the company 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.

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    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


    American Airlines Merger:
    Complete coverage of the merger between American Airlines and US Airways into the newly-formed Fort Worth-based company, American Airlines Group (AAL). Click here for more.