AMR CEO Horton in line for $20 million severance

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Associated Press

Posted on February 15, 2013 at 12:02 PM

Updated Friday, Feb 15 at 1:02 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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