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

View Comments ()
|
Email
|
Print

    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. (Published Thursday, Dec 1, 2011)

    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.

    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. (Published Thursday, Dec 1, 2011)

    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.

    What's Next for American Airlines

    [DFW] What's Next for American Airlines
    The day after American Airlines declared bankruptcy, what's next for the legacy airline. (Published Wednesday, Nov 30, 2011)

    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.

    AMR's Bankruptcy Filing Could Be Felt Far From Airports

    [DFW] AMR's Bankruptcy Filing Could Be Felt Far From Airports
    American Airlines is a big contributor to charities and there's some concern about any change in contributions as the airline goes through bankruptcy reorganization. (Published Wednesday, Nov 30, 2011)

    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.