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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Taki who wrote (83875)	4/25/2003 9:20:24 AM
From: Taki	Read Replies (1) \| Respond to of 122087

(COMTEX) B: American Air CEO Donald Carty Resigns B: American Air CEO Donald Carty Resigns FORT WORTH, Texas, Apr 24, 2003 (AP Online via COMTEX) -- The chairman and chief executive of American Airlines resigned Thursday as labor leaders and negotiators for the carrier agreed to a sweetened package of cost cuts in an effort to keep the company out of bankruptcy. Gerard Arpey, the company's president, will replace Donald J. Carty as CEO, while board member Edward A. Brennan will take over as chairman. Carty's resignation came after flight attendants reportedly balked at the new deal, which improves potential bonuses for employees and shortens the length of concessions by one year to five years. The deal would also provide incentives for "additional cash compensation," said John Darrah, president of the pilots' union. The boards of the pilots and transport workers unions approved the new concessions package, but flight attendants also would have to OK it, as would the company's board of directors. A $1.8 billion cost-cutting package that was agreed upon last week unraveled after employees learned of previously undisclosed executive perks, including bankruptcy-proof pensions and huge bonuses. Carty apologized for not telling workers sooner about the executive benefits. The company canceled the bonuses but not the $41 million in pension funding for 45 executives, which would be paid even in bankruptcy. Arpey, who will remain as president, said he would work to "restore the confidence of all employees in their great company." By DAVID KOENIG AP Business Writer Copyright 2003 Associated Press, All rights reserved -0- APO Priority=u APO Category=1310 (PROFILE (CO:AMR Corporation; TS:AMR; IG:AIR;) ) KEYWORD: FORT WORTH, Texas SUBJECT CODE: 1310 * end of story *