United Continental Adds 15th Director to Its Board
July 19 2016 - 12:00PM
Dow Jones News
United Continental Holdings Inc. completed the last step in an
April agreement with two airline investors that staved off a proxy
fight by appointing a mutually agreed 15th member to its board of
directors.
Edward "Ted" Philip, chief operating officer of the global
nonprofit health care organization Partners in Health, was
appointed to the airline's board on July 14, United said Tuesday in
a federal filing. Mr. Philip, 51, is a former investment banker,
Walt Disney Co. executive and founding member of internet search
company, Lycos Inc. He comes to the panel as an independent
director.
In mid-April, two investment firms that hold more than 7% of
United's shares backed off a proxy battle when the Chicago-based
airline agreed to put two of its representatives on the board and
to appoint as nonexecutive chairman for two years a director who
was one of three the carrier added to its board before the proxy
battle became public. Previously, United Chief Executive Oscar
Munoz was slated to add the chairman's role in 2017.
The two sides agreed to add an additional director agreed by
both sides, and that resulted in Mr. Philip's appointment. The two
investment firms are Par Capital Management Inc. and Altimeter
Capital Management LP. The five new directors, excluding Mr.
Philip, were elected to United's board at its June 8 annual
meeting.
United is the nation's third-largest airline by traffic. It is
scheduled to release its second-quarter earnings later on
Tuesday.
Write to Susan Carey at susan.carey@wsj.com
(END) Dow Jones Newswires
July 19, 2016 11:45 ET (15:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Walt Disney (NYSE:DIS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Walt Disney (NYSE:DIS)
Historical Stock Chart
From Apr 2023 to Apr 2024