United Proxy Fight Waged by Online Travel Veterans, Ex-Continental CEO
Skift Take
United's lack of leadership on its board, as well as a shallow executive bench, was an issue before former CEO Jeff Smisek was forced out in October. Outside of Munoz' appointment to the CEO position, that picture hasn't changed since then.
Two hedge funds, which own a combined 7.2 percent of United Continental Holdings' shares, are waging a proxy fight to turn things around at the airline by electing six online travel and cruise veterans, as well as the former Continental Airlines CEO Gordon Bethune and a former automotive CEO, to the 15-director United board.
Altimeter Capital Management and PAR Capital Management argue "an under-qualified, ineffective and entrenched board" at United has been a major factor in United falling behind its peers among U.S. carriers in terms of operational reliability, customer satisfaction and stock price.
The board members that the two hedge funds are nominating include:
Gordon Bethune,
