crjdxr
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Former AMR chief named director at Hawaiian Airlines
Associated Press
Published on: 08/04/04
FORT WORTH, Texas — The former chief executive of American Airlines has bought $2 million worth of stock in the parent of bankrupt Hawaiian Airlines and was named to the company's board of directors, according to company documents.
The moves could signal Donald J. Carty's return to the airline industry. Hawaiian Holdings, which disclosed Carty's role in a filing with the Securities and Exchange Commission, is one of several groups bidding to lead Hawaiian Airlines out of bankruptcy.
The airline is controlled by a bankruptcy trustee, and Hawaiian Holdings has no direct involvement in its operations.
Carty resigned from American Airlines under pressure in April 2003. In the midst of negotiating steep wage cuts from employees, it came out that American's top executives had been given bonuses and pension perquisites.
Hawaiian Holdings had been led by John Adams, who said in March that he would name Carty chairman of Hawaiian Airlines if he were allowed to bring the carrier out of bankruptcy. Carty said he would not be involved in day-to-day management but would lend strategic advice.
Carty's role was cast into doubt in June, when Adams sold his stake in the holding company to San Diego-based Ranch Capital LLC.
In the new SEC filing, the holding company said Carty bought 351,062 shares for $2 million on July 26 and was appointed to fill a vacancy on the board.
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