It’s official: American Airlines CEO Horton won’t get his money, at least not until after the merger
The American Airlines and US Airways boards have approved changes to their merger agreement that, among other things, threw out a Feb. 13 letter that set out the severance package and the future role of American chairman and CEO Tom Horton.
That’s what the airlines said they would do after U.S. Bankruptcy Judge Sean Lane rejected the $19,875,000 payout at a Sept. 12 hearing, so no surprise there. But it’s now officially out of the merger agreement.
Lane in fact twice rejected the proposal to give Horton the agreed-to severance, which was to be half in cash and half in stock in the new American Airlines Group.
But, of course, once American is out of bankruptcy and merged with US Airways, its new board can do anything it wants.
More at http://aviationblog.dallasnews.com/2013/09/its-official-horton-wont-get-his-money-at-least-not-until-after-the-merger.html/ .
