PERSON OF THE YEAR? CALLING MR. ARPEY
With a name like Arpey, you've got to be good. And Gerald J. Arpey is just that...a good man... and my choice for Person of the year for 2011.
The 30 year employee of American Airlines, the last eight of which as CEO, Arpey did an extraordinary thing when the American Airlines Board declared bankruptcy to nullify its debts and retiree benefits. He quit. Not only that, he didn't hold the Board hostage by demanding a hundred million dollar Golden Parachute. Nope, he left without severance and with nearly worthless stock holdings.
Having earned nearly 15 million over the past 5 years, Arpey's action is purely symbolic. But what grand symbolism in a nation awash in corporate greed while tens of millions go without decent jobs, rely on food stamps, pray they don't get sick, fall into poverty and lose all hope.
Please don't go quietly into retirement, Mr. Arpey. Hook up with some struggling enterprise and apply your moral vision and decency to help reverse our long, slow slide into economic irrelevancy.
The 30 year employee of American Airlines, the last eight of which as CEO, Arpey did an extraordinary thing when the American Airlines Board declared bankruptcy to nullify its debts and retiree benefits. He quit. Not only that, he didn't hold the Board hostage by demanding a hundred million dollar Golden Parachute. Nope, he left without severance and with nearly worthless stock holdings.
Having earned nearly 15 million over the past 5 years, Arpey's action is purely symbolic. But what grand symbolism in a nation awash in corporate greed while tens of millions go without decent jobs, rely on food stamps, pray they don't get sick, fall into poverty and lose all hope.
Please don't go quietly into retirement, Mr. Arpey. Hook up with some struggling enterprise and apply your moral vision and decency to help reverse our long, slow slide into economic irrelevancy.
posted by Walt Zlotow at 2:49 PM
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