American Airlines' CEO contract scrapped but he will stay in role

American Airlines Group terminated CE Douglas Parker's employment agreement on his request but said he would continue to be the chairman and CEO of the company. Parker changed his employment status to "at will" with the termination of the agreement, the world's largest airline by traffic said on Friday. The company said he would no longer be contractually entitled to receive a set level of compensation and benefits. American Airlines' stock fell as much as 4.2% to a more than eight-month low of US$34.46 in late morning trading. "This was done at my request, because it didn't seem right to me that I should be the only person at American with an employment contract," Parker said. "The contract protected me against a number of things that I don't think I should be protected against – such as if I get fired or if unhappy shareholders gain control of the American board," he added.<br/>