AMR CEO Horton in line for $20 million severance

Discussion in 'American Airlines | AAdvantage' started by sobore, Feb 15, 2013.  |  Print Topic

  1. sobore
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    sobore Gold Member

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    http://www.mysanantonio.com/news/te...-in-line-for-20-million-severance-4281862.php

    American's parent company, AMR Corp., disclosed the CEO's severance package in a regulatory filing late Thursday, shortly after announcing plans for an $11 billion merger with US Airways Group Inc. The companies hope to win regulatory approval and complete the deal by the end of September.

    AMR said in the filing that its board of which Horton is chairman approved the severance package as 'reasonable and appropriate'; because of his long service at the company, the success of the restructuring and the value created for the company's financial stakeholders.

    Horton clashed with AMR's unions during the bankruptcy process when he moved to eliminate thousands of jobs, cut pay, freeze pensions and make other changes designed to save about $1 billion in annual labor costs.

    Read More: http://www.mysanantonio.com/news/te...-in-line-for-20-million-severance-4281862.php
     
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  2. uggboy
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    uggboy Gold Member

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    Gimme! Gimme. ;)
     
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  3. sobore
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    sobore Gold Member

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    I know, when I left my last job I received less than half of that. :(
     
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  4. markito

    markito Silver Member

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    I think the news report is hinting that this is "excessive", but I think of it differently. Whether or not you like Tom Horton, it's hard to argue with what he did in a short period of time. I can't remember where I saw this, but I totally agree with the sentiment. He did an amazing job for his creditors in the merger (72-28 split?) he finally fixed the cost problem that management has been harping on for so long, and whether he wanted to or not, he's helping DP out with the transition.
     
  5. Mike Reed

    Mike Reed Gold Member

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    Yep - absolutely deserved and should be a good, final "eff you" to the unions. Hopefully he ends up at another carrier - would love to see him turn Virgin around, or grow Alaska or Southwest. Solid businessman.

    Southwest would be especially fun when the death of the Wright amendment would let him ramp ups operations at Dallas Love.

    Sent from my iPhone using milepoint
     
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  6. chanp
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    chanp Silver Member

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    Good payout. I hope to see him around as well in the near future.
     
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