United to accept board overhaul in proxy dispute deal

United Continental is nearing an agreement with activist investors that would include replacing Chairman Henry Meyer III as part of a broader board overhaul, sources said. Meyer’s departure would clear the way for a successor with deep airline experience, one of the changes sought by Altimeter Capital Management and PAR Capital Management, which combined control 7.2% of the airline’s stock. The 66-year-old retired banker has served as United’s non-executive chairman since the September ouster of former CE Jeff Smisek, but drew criticism for communication lapses when new CE Oscar Munoz fell gravely ill. Contenders to succeed Meyer include two directors who joined the United board a day before the proxy fight became public: former Air Canada CE Robert Milton and James Whitehurst, a former COO at Delta, sources said. Milton is poised to emerge as the winner because of his stint heading the Canadian carrier and its holding company, they said. <br/>