United board insurgents: ‘We are not seeking control of the company’
Facing strong pushback from United Airlines’ employees, 2 United shareholders leading a revolt against the airline’s board of directors sought to clarify that they are not seeking control of United and want to see United president and CE Oscar Munoz succeed. Hedge funds Altimeter Capital Management and PAR Capital Management, which together own 7.1% of United, earlier this month announced they were nominating a slate of 6 new directors to the board of parent United Continental Holdings, most prominently including former Continental Airlines CE Gordon Bethune. The United Continental board’s non-executive chairman, Henry Meyer, said Altimeter and PAR had taken a “hostile action” that would distract from Munoz’s strategic plan for the company. <br/>
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United board insurgents: ‘We are not seeking control of the company’
Facing strong pushback from United Airlines’ employees, 2 United shareholders leading a revolt against the airline’s board of directors sought to clarify that they are not seeking control of United and want to see United president and CE Oscar Munoz succeed. Hedge funds Altimeter Capital Management and PAR Capital Management, which together own 7.1% of United, earlier this month announced they were nominating a slate of 6 new directors to the board of parent United Continental Holdings, most prominently including former Continental Airlines CE Gordon Bethune. The United Continental board’s non-executive chairman, Henry Meyer, said Altimeter and PAR had taken a “hostile action” that would distract from Munoz’s strategic plan for the company. <br/>
