American Airlines has become one of the world’s most profitable airlines, with revenue soaring by $5.5 billion in 2016.
But for a number of reasons, it is the biggest stock in the world.
And one of those is the stock is owned by a person.
On Wednesday, the CEO of American Airlines said he had resigned from his position after a probe into the way he bought shares of American.
In a letter sent to employees, CEO Robert I. McNamara said he was stepping down to “continue to focus on my family and my mission as a CEO of a major airline.”
A new American Airlines CEO Robert McNamara resigned as CEO of the company after a federal investigation found he was involved in the purchase of shares.
He had been CEO since December 2015.
I am resigning from my position as CEO and president of American, Inc. as a result of the actions of this organization.
I accept full responsibility for the actions I took.
I deeply regret my actions.
I want to thank all of you for your unwavering support and dedication to American.
We are working to make the company more competitive and we will continue to be committed to achieving that goal.
American shares have been soaring for months, but investors are beginning to see signs of trouble.
In December, American Airlines announced that it had made a $1.1 billion capital raise, and that it planned to add $1 billion to its debt.
McNamara said in the letter that the company had “a significant investment opportunity in our business, and I intend to use my experience and network to help us achieve that opportunity.”
But investors were worried about the stock price, with analysts saying that American’s stock had dropped nearly a third since January, when the stock was trading at $11.25.
At a conference on Tuesday, a representative of American’s largest shareholder, the United Airlines Group, said that the stock had fallen to an all-time low of $8.00.
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