Wednesday, May 16, 2007 , Updated
Union leaders confront execs at American Airlines shareholders’ meeting
AA.com
Gerard Arpey, on a happier day, schmoozing with NY Mayor Michael Bloomberg and some employees who apparently hadn't yet learned of his $6 million stock bonus.
What would an American Airlines' shareholders meeting be without some kind of showdown between management and the unions?
The unions contend that the exec bonuses totalling $160 million in stock represent a broken promise by CEO Gerard Arpey to share in the profits once the airline got back on its feet. Arpey played it like Tom Petty and said he wouldn't back down. And then, when a pilot dared utter the words that the execs care only about increasing the stock price, Arpey shut the meeting down.
Fox delightfully grinds it in by mentioning that American's meeting "took place amid visibly increased security", while Southwest Airlines "breezed through a perfunctory meeting" of stockholders. Breezed.
Posted by T.G.
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milesi826, says:
Top execs are just like politicians. They make promises until they get what they want...then break them and give the common folk the proverbial finger. What's new??
Anonymous
2 years, 6 months agoLink to this comment | Suggest removal
Michael Davis, says:
Another CEO that went back on his word. Nobody said he couldn't make money but the employees took the hit so AA wouldn't go belly up.
It's not like Arpey's lifestyle took a hit when the stock price sucked.
Verified
2 years, 6 months agoLink to this comment | Suggest removal