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Tue, Jun 17, 2003

Carty to Receive $79K Pension, Plus

...Plus $8.2 Million, After Taxes

He earned it; that's how much executives get paid. He spent a quarter-century with AMR Corp, and American Airlines. None of the monies that retired-under-pressure former CEO Don Carty will be receiving were part of any kind of severance package, the Board assured reporters.

His deferred-pay plan (pension) will deliver $79,000 per year. A one-time, after-tax payment of some $8.2 million will also be his, based mostly on stock options, from the company's supplemental executive retirement program. Additionally, he'll receive travel and medical benefits, for life.

There's "nothing special after that," American Airlines spokesman Al Becker told reporters Sunday. The Board, already having to repair damaged credibility set off by a retirement-package scheme that came to light just after the airline successfully hammered labor for more concessions, and creditors for better deals, decided over the past week to not give the departing Carty (who took the blame for the entire deal, although other executives will benefit) anything more than the pension and eight million dollars.

FMI: www.amrcorp.com

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