American Airlines CEO Horton in line for $20 million severance

American Airlines CEO Horton in line for $20 million severance

Credit: Getty Images

DALLAS, TX - FEBRUARY 14: Thomas Horton (L) Chairman, President and Chief Executive Officer of American Airlines, and Doug Parker, Chairman and CEO of US Airways pose with a model triple seven airraft during a news conference to announce the merger of the two airlinesFebruary 14, 2013 in Dallas Texas. US Airways and American Airlines have agreed to an $11 billion merger, creating the largest airline in the world. The airline will be called American Airlines and be headed by US Airways CEO Doug Parker. (Photo by Donna McWilliam/Getty Images

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by Associated Press

WCNC.com

Posted on February 15, 2013 at 12:29 PM

Tom Horton won't get to lead the new American Airlines after it merges with US Airways, but he'll get a going-away prize of nearly $20 million. 

American's parent company, AMR Corp., disclosed the CEO's severance package 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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