The Fort Worth-based American Airlines Group Inc. stated that Doug Parker, its former CEO, will retire on April 30th and vacate his position as board chairman. As part of the board's long-term talent management, Parker will be succeeded as chairperson by former Boeing CFO Greg Smith.
After working for The Boeing Company for more than 30 years, most lately as its executive vice president and CFO, Smith merged with American's board of directors in January 2022.
Here's what Parker noted in a public letter:
"Our CEO transition has been faultless owing to the outstanding effort of Robert Isom, his crew, and our board. The transfer of our chairman is appropriate at this time, and we're lucky to have Greg Smith in place to fill that position. Since joining American's board, Greg has made tremendous contributions, and his deep understanding of the aviation sector and his decades of leadership abilities will be important moving ahead."
Parker declared in late 2021 that Robert Isom will succeed him as CEO on March 31st, 2022. On April 30th, the chairman transfer will go into effect.
Isom stated as well:
"The American Airlines staff will always be thankful to Doug for helping to shape our airline into what it is today. On a personal level, I appreciate Doug's support over the past year as I assumed the CEO position."
In addition to these board changes, American also disclosed that Ray Robinson and Jim Albaugh would step down after their current terms, which fall on the same day as the company's next annual shareholders meeting.
At AT&T, based in Dallas, Robinson worked for 35 years before joining the board in 2005. Albaugh, a former CEO and president of Boeing, has served on the board since 2013.
Throughout their careers, Ray and Jim have contributed greatly to the board, according to Parker.
"Finally, we also like to express our gratitude to John Cahill for leading our board's independent directors since 2013. His leadership has been crucial, and he will continue to serve on the board in an important capacity for years to come."
American provided an upbeat prediction for 2023 in its January earnings report, which marked the company's third consecutive profitable quarter. In contrast to the prior-year quarter's loss of $931 million, or $1.44 per share, the carrier turned a profit of $803 million, or $1.14 per share, in the fourth quarter. Once exceptional things were taken into account, American's profit came to $827 million, or $1.17 per share.
As the airline continues to reorganize and decrease its debt, American also revealed intentions this month to refinance a $1.8 billion term loan. According to evaluations by three of the major credit rating agencies, it requested a new $1 billion term B loan to partially refinance an existing 2013 facility with a 2025 maturity date. The business plans to simultaneously raise $750 million in senior secured debt with a ranking equal to that of the new term loan. The total net debt of America would remain the same, but the payment deadline would be moved up by three years to 2028.
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Source: Sheryl Lanzel/The Business Journals
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