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.

 

How dare you read the whole article, and post facts!!! oR THE whole article..

 

There is still something fishy. What person would sell share for money. Sounds like rampant greed.

 

I think you guys are missing the point, it's not that he did something fishy by selling stock, is not that he isn't allowed to sell stock that is set to expire. It's that goes to show you that company is not doing so bad, it's actually doing good enough that the CEO is able to see 1/5 of his shares for 20 Million. That they are willing to make threats and attempt to shut down a profitable part of the company because employees aren't willing to work for wages and work rules below their peers.

The point is corporate greed, that AA isn't doing bad and there is no reason for concessions. When I made the thread I didn't not say that this was illegal or anything like such.

Just goes to show you that we are asked for X amount while the managers give themselves huge bonuses, this has happened over the years and it continues.

 

Haha what?