United Continental shareholders re-elect board

Fresh from an April settlement with investors that staved off a proxy fight, United Continental Holdings common shareholders on Wednesday reelected five directors, including two who were chosen to represent the investors and three the airline had named to the board a day before the proxy contest began in early March. At United’s annual meeting Wednesday, a total of 12 directors were re-elected by a majority of the common shareholders, and two others were re-elected to represent labor. As part of the settlement with PAR Capital Management and Altimeter Capital Management LP, which own more than 7% of United’s shares, United soon will add a 15th director by mutual agreement. Oscar Munoz, United’s CE, said after the annual meeting that the panel will look at board candidates in the coming months. He said he expects that person to be in place by the next board meeting, which is slated for September. The settlement with PAR and Altimeter also called for new United director Robert Milton, a former CEO of Air Canada, to be named nonexecutive chairman of the airline. The company said the board went to a meeting after the annual assembly to take that step. The settlement also calls for Munoz to refrain from adding the chairman’s role until 2018, not 2017 as previously planned.<br/>