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United Airlines to agree with funds to revamp board
[BENGALURU] United Continental Holdings Inc will likely comply with two hedge funds' request and add additional directors to its board, including an independent chairman, CNBC reported on Monday.
An agreement with the funds, PAR Capital Management Inc and Altimeter Capital Management LP, may come within the next week, CNBC reported, citing unidentifed sources.
The funds, which together own about 7 per cent of the US airline, launched a fight for control in March, proposing a slate of directors led by industry legend Gordon Bethune to shake up the board of the poorly performing airline.
United tried to placate shareholders by expanding its board by three new directors in March.
The new appointments included James Whitehurst, former chief operating officer of Delta Air Lines Inc and Robert Milton, former chief executive officer of Air Canada.
United, Altimeter, and PAR could not immediately be reached for comment.