United Airlines Reshuffles Board of Directors, Again

By Paul Riegler on 20 April 2016
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DSC_0110 (1)United Continental Holdings said Wednesday it will add executives with airline industry experience to its board of directors as part of a settlement with activist investors.

The move, which averts what has been a very public struggle over corporate governance, will allow the airline and its new CEO, Oscar Munoz, to focus on running the company more efficiently.

Former Air Canada CEO Robert Milton has been named non-executive chairman and will assume that position at the company’s annual June meeting, replacing the current chairman, Henry Meyer, who will leave the board at that time. Milton is one of two individuals appointed in March with significant airline experience, the other being former Delta COO James Whitehurst.

The settlement also called for the immediate appointment of Edward Shapiro, PAR Capital Management’s managing partner, and Barney Harford, former CEO of Orbitz Worldwide, to the company’s board.

In March, two shareholders, Altimeter Capital Management and Par, which together own about 7.1% of United’s shares, put forward a slate of six director candidates led by Gordon Bethune, the well-regarded former CEO of Continental Airlines. At the time, the group said that the airline needed directors with greater expertise in the airline industry.

(Photo: Accura Media Group)

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