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Fri, May 23, 2003

AMR's New Management Sensitive to Pay

...Their Pay

After AMR Corp unceremoniously dumped former CEO Don Carty last month, in the wake of "revelations" about a quiet little management-insulation fallback trust fund arrangement (still in effect, we understand, for everyone except Carty), it appointed new folks, in the persons of Gerard Arpey (CEO) and Edward Brennan (Chairman). They're sensitive to the issue of executive pay.

Arpey, for instance, already took a 14% cut, to a half-million dollars a year (base). He has also eschewed additional pay, this year, partly thanks to a federal law that meddles with such compensation plans.

Brennan is serving as Chairman for free. He is, however, going to receive his "honorarium" for being on the Board. Last year, that amounted to about $37,000.

FMI: www.amrcorp.com

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