American Airlines CEO takes in $19 million from stock sale

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The CEO of American Airlines just raised $19.2 million by selling some of his shares.

Doug Parker still has stock worth $88.1 million at the current price.

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American disclosed the sale in a regulatory filing Wednesday. Parker cleared nearly $11.8 million after withholding taxes, according to the filing.

A company spokesman said Parker exercised stock rights granted in 2008 by US Airways, which merged with American in 2009. The rights were due to expire in April.

Parker stopped drawing a salary in 2015 to take more of his compensation in stock.

American Airlines Group Inc. earned nearly $2.7 billion in 2016. It will report 2017 results this month.

Last year Parker declared that the company would never suffer another money-losing year because of changes in the formerly boom-and-bust airline industry.