Amr Chief Financial Officer Resigns

[WingNaPrayer]

FORT WORTH, Texas, Nov. 19 /PRNewswire/ -- AMR Corporation(NYSE:AMR) (NYSE: AMR), the parent company of American Airlines, announced today that Jeffrey C. Campbell, its senior vice president-Finance and chief financial officer, will be leaving the company to assume a similar position with McKesson Corporation(NYSE:MCK) , a San Francisco-based healthcare services and information technology company. Campbell has agreed to work with American during a transition period.

Gerard Arpey, AMR's president and CEO, said the company will name a successor to Campbell as quickly as possible.

"Jeff Campbell is an executive of extraordinary talent and ability," Arpey said. "He played a vital role in guiding us through our recent financial challenges and was deeply engaged with the rest of our leadership team in the process of building a solid financial foundation for AMR -- the fourth tenet of our Turnaround Plan. It is always disappointing to lose an executive of Jeff's exceptional qualities, but we draw encouragement from the fact that AMR continues to have one of the most capable management teams in the industry.

"We wish Jeff every success in his new position," Arpey said. "Our priority now is to select a new leader for the finance organization who can build on the momentum Jeff helped us create."

Campbell became AMR's chief financial officer in June 2002 after serving for nearly three years as American's vice president-Europe, based in London. Before that he was vice president-Corporate Development and Treasurer. He joined American in 1990.

 

[Winglet]

Wonder how many millions of AAL dollars he's walking away with.

 

[LiveInAHotel]

I'm sure it will have at least 7 zeros after the first digit! With Arpey's remark about possibly asking for more concessions, I'm sure he will have to now with this huge payout.

 

[air_guy]

This is the first time I've heard of someone getting huge pay-outs for quitting a company.... LOL. Any payouts with many digits are coming from the company he is going to "work for" not the one he is leaving.... If writting nonsense was a crime.....

 

[WingNaPrayer]

He takes his share of that private pension slush fund that cost carty his position, that's his, he gets to take it and put it in his new company's pension fund, if he so desires. In any event, his share is not a bag of peanuts! He'll also get to cash in his sick bank, whatever execs get for theirs, grunts are 25 bucks a day. He'll get to take any vacation he has coming, any flex he may have bought and not used will be reimbursed. He'll get to keep his preferred stock options of course, those are his as well.

There will be no severance, or at least there shouldn't be since this is a voluntary separation.

I think the man is making a smart move, and it wouldn't surprise me if more than a few top brass are fielding offers.

 

[Winglet]

Your thinking like an employee. Those guys aren't "employees." There's all kinds of hidden deals, stock options, "special" compensation, to say nothing of what his contract with the company spells out for even voluntary departure. And that's not even touching on anything illegal such as sweatheart deals, trips, memberships, loans, etc from company financial "suppliers."

 

[WingNaPrayer]

Essentially, Campbell is no great loss to the company, and is easily replaced. However, if the airline was in good shape, and job stability certain, no one would know it better than the CFO. The fact that he was lured away by another company speaks volumes if you think about it. Especially since he had been in the position for such a short period of time. Guess it didn't take him long in that position to figure out that jumping ship was a good idea.

 

[flyhigh]

In reality, it more likely that given the work he put in to keep this company out of bankruptcy, he was offered MANY options to go to other companies. I'm sure he'll be making more. In addition, he will not be easily replace. Unfortunately, AMR has lost a lot of talent as a result of current conditions (AMR's inability to pay comparable wages combined with other companies outside the industry ability to pay better). While Campbell was an internal candidate after Horton left, it will be hard to find another highly qualified individual to replace him.

It's truly unfortunate that you so undervalue the importance of a quality leadership team...even if it stares you in the face. This has got to be VERY troubling for Arpey. Remember, he was the COO before Carty's departure. That position has not been filled yet. Now, he has to fill a CFO position as well. This puts AMR in a very comprimising position. To lack people in these core areas could be harmful...

 

[AA717driver]

The 'management revolving door'. One of the first signs... Oh well, THAT can't happen here. :unsure: TC

 

[Wretched Wrench]

"The 'management revolving door'. One of the first signs"
......................................................................
.............................................

Another "first sign" is a stock option offering for the rank and file. When management starts sharing (or pretending to share) their perks, watch out.

 

[WingNaPrayer]

Ya gotta love that stock option plan. Have you ever seen such a waste of paper in your life?

 

[LiveInAHotel]

Bankruptcy, is still not out of the question for AMR! If Arpey, decides to take the high road then we can start to wonder. :unsure:

 

[NewHampshire Black Bears]

In reality, it more likely that given the work he put in to keep this company out of bankruptcy, he was offered MANY options to go to other companies. I'm sure he'll be making more. In addition, he will not be easily replace. Unfortunately, AMR has lost a lot of talent as a result of current conditions (AMR's inability to pay comparable wages combined with other companies outside the industry ability to pay better). While Campbell was an internal candidate after Horton left, it will be hard to find another highly qualified individual to replace him.

It's truly unfortunate that you so undervalue the importance of a quality leadership team...even if it stares you in the face. This has got to be VERY troubling for Arpey. Remember, he was the COO before Carty's departure. That position has not been filled yet. Now, he has to fill a CFO position as well. This puts AMR in a very comprimising position. To lack people in these core areas could be harmful...

Speaking of Carty, after all is said and done,in the long run, ol' DON, did himself a BIG favor.