FORT WORTH, Texas (AP) — The CEO of American Airlines collected nearly $2.4 million after taxes by selling some of his stock in the company.
American disclosed the sale by Doug Parker in regulatory filings on Monday.
Since April, Parker is getting all of his compensation in stock instead of cash, a move he says puts his interests in line with those of shareholders.
The filings say that Parker exercised rights to 113,090 shares that were due to expire in August and grossed about $4.1 million. Parker kept proceeds from selling 55,400 shares at about $42.87 each. American Airlines Group Inc. said it withheld $1.7 million worth of shares to cover taxes and another $758,000 in shares to cover the exercise price of $6.70 each.
In 2014, Parker got compensation valued at $12.3 million including $687,884 in salary.
Parker, who is also chairman, still owns nearly 1.7 million shares — worth $71.5 million at Monday’s closing price — “and remains extremely positive about the future of American,” the company said in the filings with the Securities and Exchange Commission.
The company said that Parker received the stock appreciation rights, which are like options, from 2006 through 2009, while he was CEO of US Airways. He led a merger of the two airlines in 2013.
In May, Parker signed a plan to sell some of his rights each month for the next year.