FORT WORTH (February 15, 2013)—AMR CEO Tom Horton won't get to head the new American Airlines after it merges with US Airways, but he'll get a going-away package of nearly $20 million, AMR Corp., American’s parent company disclosed in a regulatory filing.
Horton will get $9.94 million in cash and an equal amount in stock in the new company after the merger.
US Airways CEO Doug Parker will become CEO of the new company and Horton will serve as chairman for about a year.
American and US Airways announced the $11 billion merger on Thursday and hope to win regulatory approval by the end of September.
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