More American Airlines workers take buyouts

FORT WORTH, Texas – American Airlines said almost 1,600 mechanics and maintenance clerks are seeking early-out payments to leave the financially strapped carrier.

The workers could get $12,500 to $22,500 depending on their jobs.

American said Wednesday that it expects employees taking the payments will leave over the next 12 months.

Another 1,200 bag handlers signed up last month for early-out payments, which are intended to reduce layoffs.

The airline sent layoff notices last week to more than 11,000 ground workers but said fewer than 4,400 would be furloughed.

American parent AMR Corp., based in Fort Worth, Texas, filed for bankruptcy protection in November and is trying to cut annual labor spending by about $1 billion through layoffs, reduced benefits and other changes.

CEO’s departure a blow for ailing RadioShack

FORT WORTH, Texas – RadioShack said Wednesday that its CEO is leaving under an agreement with the board, the latest blow for the struggling electronics retailer.

RadioShack said James Gooch will step down immediately and is leaving its board of directors. Chief Financial Officer Dorvin Lively will serve as its interim CEO while it looks for a permanent replacement, the company said.

RadioShack has faced declining net income in the past two years. The chain’s troubles are partly due to wider problems in the brick-and-mortar electronics industry. In its latest quarter, the company reported an unexpected $21 million loss, as its shift toward selling smartphones and their accessories was not enough to offset a decline in demand in other consumer electronics.

Cisco executive’s pay down 9 percent for year

SAN FRANCISCO – Cisco Systems Inc. trimmed CEO John Chambers’ pay package for the past fiscal year by 9 percent as concerns about growth at the maker of computer networking equipment weighed on its stock.

Documents filed with the Securities and Exchange Commission show the value of Chambers’ compensation totaled $11.7 million, down from nearly $12.9 million in the previous fiscal year.

Most of Chambers’ pay was tied to the future performance of Cisco’s stock. That’s been the case through most of Chambers’ 17-year reign as CEO. That arrangement has worked out well for both Chambers and the company, which is based in San Jose, Calif. Adjusting for stock splits, Cisco’s shares have increased by tenfold under Chambers’ leadership.

But Cisco’s stock fell 2 percent in its fiscal year that ended in July.

Parking companies to merge, must sell lots

WASHINGTON – The Justice Department is requiring the two largest parking management companies in the U.S. to sell 107 of their garages and lots in the central business districts of 28 cities in order to proceed with a merger.

If the deal is approved by a federal court, Chicago-based Standard Parking Corp. will acquire Central Parking Corp. of Nashville, Tenn., in a transaction valued at $345 million. Standard and Central each operates some 2,200 parking facilities.

Cities where the companies will sell some facilities include New York City, Chicago, Los Angeles, Houston and Philadelphia.

The Justice Department said that without the divestitures, the combined company would have gained a dominant market share, resulting in higher prices and reduced service to motorists.