No Golden Parachute for AMR's Top Exec

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

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

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