This article from NYTimes.com has been sent to you by psa188@xxxxxxxxx /-------------------- advertisement -----------------------\ Explore more of Starbucks at Starbucks.com. http://www.starbucks.com/default.asp?ci=1015 \----------------------------------------------------------/ American Airlines Announces Fare Cuts May 21, 2003 By THE ASSOCIATED PRESS Filed at 11:44 a.m. ET FORT WORTH, Texas (AP) -- American Airlines said Wednesday it would cut fares on some routes and add seats back to many planes as part of a turnaround plan outlined by the new chief executive. Chief executive Gerard Arpey announced the moves at the company's annual shareholders meeting. Chairman Robert Brennan said he would not take a salary and Arpey, who became CEO last month, would not take a raise, as the world's largest carrier struggles to avoid bankruptcy. Fort Worth-based American is working to cut annual costs by $4 billion, about half of that through employee benefit and wage cuts. Executives said the company's finances have improved partly because of a $360 million aid payment from the government. American lost $1 billion in the first quarter. Arpey declined to predict when the airline might return to profitability. In early morning trading, shares of AMR, American's parent company, were down 13 cents to $5.73. http://www.nytimes.com/aponline/business/AP-American-Airlines-Shareholders.html?ex=1054545610&ei=1&en=1679f03a00c87b6c --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://www.nytimes.com/ads/nytcirc/index.html HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2003 The New York Times Company