Gerard J. Arpey, American's chief executive officer and chairman split with his employer of 30 years out of a belief that bankruptcy was morally wrong, and that he could not, in good conscience, lead an organization that followed this familiar path.
Michael Lindsay, New York (NY) Times
Gerard J. Arpey, American Airline's chief executive officer and chairman
It seems that every week we hear of a CEO who earned millions from a golden parachute after demonstrating poor business judgment or cutting thousands of jobs with no financial downside for executives.
These stories feed the fires of the Occupy movement growing all over the world.
But on Tuesday (Nov 29), we heard something different. American Airlines, once the largest airline in the United States, declared bankruptcy.
This is not surprising news for the beleaguered airline industry; what is different is what is emerging from the wreckage.