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AMR CEO In Line For $20 Million Severance

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aabank AMR CEO In Line For $20 Million Severance

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Click here to read more about AA's bankruptcy on CBSDFW.COM.

Tom Horton, President of American Airlines, addresses the media during a press conference. (credit: ODD ANDERSEN/AFP/Getty Images)

Tom Horton addresses the media during a press conference. (credit: ODD ANDERSEN/AFP/Getty Images)

FORT WORTH (AP) - Tom Horton won’t get to lead the new American Airlines after it merges with US Airways, but he’ll get a going-away prize of nearly $20 million.

American’s parent company, AMR Corp., disclosed the CEO’s severance package in a regulatory filing.

Horton will get $9.94 million in cash and an equal amount in stock in the new company after the merger.

US Airways CEO Doug Parker will become CEO of the new company and Horton will serve as chairman for about a year.

American and US Airways announced the $11 billion merger on Thursday and hope to win regulatory approval by the end of September.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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