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Media sources reported earlier this week that
United Continental Holdings IncUAL is close to finalizing an agreement with activist investors in regards to its Board of Directors.
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United Continental Close To Reaching Agreement With Activist Investors
On Wednesday, United Continental Holdings
confirmed the media reports and announced a change to its Board of Directors as part of a settlement with Altimeter Capital Management and PAR Capital Management.
As part of the agreement, United Continental named 2 of the activist investor funds director nominees to its board. Edward Shapiro, Managing Partners and portfolio manager of PAR Capital Management and Barney Harford, Orbitz Worldwide's ex-CEO will immediately join the board and a third mutually agreed independent director will be added within 6 months.
United Continental's current Non-Executive Chairman, Henry Meyer, along with John Walker and Charles Yamarone will retire from the company and not stand for re-election.
Altimeter has withdrawn its notice of intent to nominate directors at the company's 2016 annual meeting of shareholders.
Edward Shapiro said, "This resolution is a positive outcome for United and its shareholders, employees and customers, and I look forward to working with my fellow Board members for the benefit of all of the shareholders. We are confident that the changes contemplated by the settlement agreement, when combined with the recent changes made by the Board, will create a new Board that is well positioned to help management to achieve United's full potential."
Barney Harford said, "I am pleased to be joining the United Board and look forward to collaborating with Robert and the rest of the Board to help Oscar drive improved operational and financial performance and increase shareholder value."
Shares of United Continental were trading higher by around 0.70 percent mid-Wednesday afternoon.
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Posted In: NewsManagementAltimeter CapitalBarney HarfordEdward ShapiroPAR Capital MAnagementUnited Continental Board Of DirectorsUnited Continental Holdings
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