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American Airlines (AAL) Stock Down as Kirby Moves to United Continental

NEW YORK (TheStreet) -- Shares of American Airlines (AAL) were sliding in early morning trading on Tuesday as the Fort Worth-based company's president Scott Kirby leaves to become president of rival airline United Continental (UAL).

American Airlines' COO Robert Isom will serve as the company president, American Airlines said in a statement late yesterday.

Kirby left with more than $13 million in severance pay and was not bound by an employment contract or noncompete agreement, so he was free to make the move to United, according to the Wall Street Journal.

American wasn't obligated to give Kirby severance pay. It's atypical for a company to give an...