AA Cargo business as usual
29 / 11 / 2011
DESPITE its parent filing for bankruptcy protection American Airlines Cargo (AAC) will continue to operate without change.
Yesterday AA filed for Chapter 11 after losing almost US$1 billion in the first nine months of 2011.
AAC is the third largest cargo carrier among passenger airlines.
AMR, the parent of AA, announced that its chief executive officer Gerard Arpey has decided to retire. Thomas Horton, named president of AMR and American in July 2010, will succeed him.
“With more than 22 years at American Tom is ideally suited to guide the company through this next important period,” Armando Codina, lead independent director of AMR, said.
“For 30 years Gerard Arpey has given his all to this company, especially during the last decade,” Codina continued. “Gerard helped our company to achieve amazing things against sometimes staggering odds. Although we had asked that he continue to lead American, we understand and respect his decision to retire and entrust the company he loves to a new leader for a new time.”
One of Horton’s first tasks has been to alleviate the concerns of manufacturers Boeing and Airbus, who he assured would suffer no cancellation of the $40 billion order for 460 aircraft placed by AA.