American Airlines Chairman and CEO Doug Parker has decided to give up his cash salary and annual bonuses opting to be paid entirely in shares.

Doug Parker, 53, was paid more than $12 million last year, 40% of which was in cash, according to regulatory filings.

Google chief Larry Page, Facebook’s Mark Zuckerberg and Kinder Morgan’s Rich Kinder are also paid solely in shares.

“I believe this is the right way for my compensation to be set – at risk, based entirely on the results achieved, and in the same currency that our shareholders receive,” Doug Parker said in a letter to employees.

Photo Reuters

Under the new deal, 54% of Doug Parker’s payout will tied to performance targets.

Doug Parker has helped transform American Airlines into one of the country’s most successful companies.

Shares of American Airlines have more than doubled in value since the company merged with rival US Airways in 2013.

Both carriers had undergone bankruptcy but their combination has since created the world’s largest airline company based on passenger traffic.

American Airlines also posted a record profit of $2.9 billion in 2014, helped by cheaper fuel prices and reduced competition.