Business Context and Reporting Period
This Form 8-K filing by AMR Corporation (parent of American Airlines, Inc.) reports a corporate governance event. The earliest event date is July 19, 2011, with the filing dated July 21, 2011.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on a board appointment.
Material Changes
The material change reported is the election of Stephen M. Bennett to the Boards of Directors of both AMR Corporation and American Airlines, Inc., effective July 19, 2011. Mr. Bennett will serve on the AMR Board's Audit Committee.
Management Commentary and Background
- Management Quote: Gerard Arpey, Chairman and CEO, stated that Mr. Bennett's "extraordinary combination of experience, intellect and talent will make him an invaluable member of the Board."
- Appointee Background: Mr. Bennett is the former President and CEO of Intuit, Inc. (2000–2007), where he grew revenue from $900 million to $2.6 billion. He previously held leadership roles at General Electric for over 23 years, including Executive Vice President of GE Capital.
- Current Roles: Mr. Bennett currently serves as a non-executive director of Qualcomm Inc. and Symantec Corporation.
- Compensation: Mr. Bennett will receive compensation pursuant to AMR's current arrangements for non-employee directors.
Investor Verification Checklist
- Confirm the effective date of Stephen M. Bennett's board membership (July 19, 2011).
- Verify his specific committee assignment (Audit Committee).
- Review the company's standard compensation policy for non-employee directors to understand the financial implications of this appointment.
- Note that this filing contains no financial results or operational updates for the period.