Join The Discussion

 

UPDATE: Could American Airlines move its headquarters?

A key linchpin in the Fort Worth economy, American Airlines Group Inc., is considering sites for a new headquarters, possibly outside the city, the airline’s CEO said this morning.

read more >

Clip art: Cutting edge barbershop creates a buzz in Fort Worth

Jonathan Morris is on a mission to create a better grooming experience for men.

read more >

Grocers, retailers flocking to Southlake

With its economic development engine revving at full throttle, Southlake is about to welcome several major retail and commercial projects that underscore its image

read more >

Great Woman of Texas; Stacie McDavid

“I’ve always been a maverick in a number of ways,” says businesswoman and philanthropist Stacie McDavid.

read more >

It's Christmas tree time in the city of Fort Worth

Sundance Square will kick off the holidays with the lighting of the Christmas on Nov. 22 featuring a visit from a resident of the North Pole, musical and theatrical entertainment, as well as photo opportunities throughout the plaza.

read more >

American Airlines CEO nets $13.4M in stock sale

 

DAVID KOENIG, AP Airlines Writer


DALLAS (AP) — The CEO of American Airlines netted a profit of $13.4 million after exercising options and selling shares that he accumulated while running US Airways.

Doug Parker sold more than one-third of his stake in the company formed by the merger of American and US Airways, but he still owns nearly 1.4 million shares, according to a regulatory filing. That stake was worth nearly $47 million at Friday's closing price.

American disclosed the stock transactions by Parker and other top executives in filings with the Securities and Exchange Commission.

American and US Airways merged in December, and shares and options in each airline were converted to the new company, American Airlines Group Inc.

According to the SEC filing, Parker paid about $10.7 million to exercise options and acquire 505,375 shares on Thursday. The options were from the 2005 merger of US Airways and America West and were due to begin expiring later this month. That boosted his stake to more than 2 million shares, and he sold 702,375 shares for more than $24.1 million on the same day.

A company spokesman said that about half of Parker's profit came from selling shares that he bought in 2008 as a show of confidence at a time when the airline industry was struggling with skyrocketing fuel costs.

Parker told employees this week that he and his wife would donate $1 million to a fund that helps employees with financial problems.

Other executives including President Scott Kirby and Chief Financial Officer Derek Kerr also sold large numbers of shares. They too were executives at US Airways before the merger with American.

American's shares fell 61 cents, or 1.8 percent, to close at $34.41.

< back

Email   email
hide
Midterms
What was the message of the midterm elections?