The CEO of American Airlines, who got $12.3 million in compensation last year, will stop drawing a salary and instead be paid entirely in company stock.
CEO Doug Parker says the change starts immediately and will make his compensation more in line with shareholder interests.
American Airlines Group Inc. disclosed the change Wednesday in filings with the Securities and Exchange Commission.
About 40 percent of Parker’s compensation last year was in cash, including a $700,000 salary. In 2013, the company paid him $17.7 million, including stock awards valued at $15.4 million.
American operates its second-busiest hub in Charlotte.