At American Airlines, a Departing C.E.O.’s Moral Stand – NYTimes.com

At American Airlines, a Departing C.E.O.’s Moral Stand – NYTimes.com.

A C.E.O.’s Moral Stand

Published: November 30, 2011
Wenham, Mass.

IT seems that every week ee hear of a C.E.O. who earned millions from a golden parachute after demonstrating poor business judgment or cutting thousands of jobs with no financial downside for executives. These stories feed the fires of the Occupy movement growing all over the world.

But on Tuesday, we heard something different. American Airlines, once the largest airline in the United States, declared bankruptcy. This is not surprising news for the beleaguered airline industry; what is different is what is emerging from the wreckage. Gerard J. Arpey, American’s chief executive officer and chairman, resigned and stepped away with no severance package and nearly worthless stock holdings. He split with his employer of 30 years out of a belief that bankruptcy was morally wrong, and that he could not, in good conscience, lead an organization that followed this familiar path.

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Read the full story here: The New York Times

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