NEW YORK (CNN/Money) - Some directors at American Airlines parent AMR Corp. are considering replacing CEO Don Carty to try to salvage concession pacts with the company's labor unions and keep the world's largest airline out of bankruptcy, according to a published report Wednesday.

The Dallas Morning News reported that there is no formal motion before the 12-member board to fire Carty. But a source told the paper his fate probably will be discussed during a Wednesday morning conference call among the directors and will be the main issue at a meeting Thursday in Dallas.

Last week unions ratified six-year concession pacts designed to save the company $1.6 billion in annual labor costs through pay cuts and changes in work rules. But union leadership and rank-and-file both expressed anger when moves were revealed to improve executive compensation while demanding the concessions.

The company had set up retention bonuses for Carty and six other top officers worth between 1.5 and two times their base pay if they stay with the troubled airline through January 2005. In the face of union outcry, the company announced Friday it was dropping the retention bonuses. But the unions also are upset about the company putting $41 million into a fund to protect the supplemental pensions of the company's top paid executives in case of a bankruptcy filing.

Two of the unions -- the Association of Professional Flight Attendants and the Transport Workers Union, which represents most American ground workers, have vowed to take new ratification votes. The airline insists it has valid concession labor pacts with the unions and that a new vote could force it to file for bankruptcy protection.

The paper reported that several board members feel they were misled by assurances from Carty that labor leaders had been briefed about the retention bonuses and protected pension fund.

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"Some members of the board felt as betrayed as labor union members," the paper's unnamed source is quoted as saying.

The paper said the source is close to the company and familiar with the working of the board. It said all board members contacted by the paper refused to comment.

An American Airlines spokesman told the paper he would not comment on speculation about Carty.

Some union leaders have said Carty must leave, although none of the unions has gone on record formally demanding his ouster. But the paper says that some AMR directors believe Carty must leave to rebuild trust with union leaders to avert bankruptcy.

The paper said AMR director David Boren, president of the University of Oklahoma and a former Oklahoma governor and senator, expressed outrage with Carty's handling of the disclosure at a last-minute board meeting called Monday. Boren wouldn't comment on Carty's status when contacted by the paper.

"The only thing that I would say is that I hope the employees know how deeply the board appreciates their willingness to work with the company to save it," Boren said.

Shares of AMR (AMR: Research, Estimates) lost 42 cents, or about 11 percent, to $3.43 Tuesday. Shares have lost nearly a third of their value since last week's close.