As part of a monthly stock sale plan, American Airlines chief executive Doug Parker gained $4.3 million in a stock sale, according to a government filing made on Tuesday.
The Fort Worth-based carrier’s leader has been selling thousands of stock appreciation rights, which are similar to stock options, that Parker received when he was chief executive of US Airways between 2006 and 2009. The stock rights are set to expire in the next year and will be worthless if he does not sell them before their expiration date.
So far, Parker has made six other stock sales for a total of $26 million as part of a divestiture plan he outlined in June. He plans to sell the stock rights in groups throughout the next year in monthly stock sales like the one made on Tuesday.
With the most recent sale, Parker sold 113,090 stock rights at prices between $41.47 and $41.60. After the sale, Parker continues to hold 1,661,386 shares of American stock [ticker: AAL]. American’s shares closed at $43.26, up $2.00 on Tuesday.