Richard Schifter of TPG Capital will be one of the five directors from investment firms that would be serving on the reconstituted board of the American Airlines after its merger with US Airways Group Inc and AMR Corp is completed.
Amongst the five after Schifter is James Albaugh, senior adviser from the Blackstone Group, who was chosen by the committee of creditors who represent AMR's bankruptcy. Another one is Chartwell Capital's President Richard Kraemer, who previously served in the US Airways board. All these directors were announced by the company through a statement today.
According to a separate statement, US Airways CEO Doug Parker fortified his control over the airline post merger by retaining his management team in place. The merger is expected to be completed by next quarter and would result in the creation of the world's largest airline by passenger traffic.
Parker's message to his employees about the executives, "It is time to move forward and this announcement is a key step on the path,"
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