United Continental Holdings, Inc. (NYSE: UAL) has been informed by hedge funds PAR Capital Management, Inc. and Altimeter Capital Management, L.P. of their intention to nominate six director candidates for election to the board of directors at the company´s 2016 Annual Meeting of Shareholders, the company said.
PAR and Altimeter have previously disclosed that they are acting as a group that collectively owns approximately 7.1 percent of the company´s outstanding shares of common stock.
The company announced that its board of directors had appointed three new independent directors to the board.
United´s three new directors will be nominated by the board for re-election at the 2016 Annual Meeting. The board expects to appoint a fourth new independent director in the near term, who would also be nominated for re-election at the 2016 Annual Meeting.
United Airlines and United Express operate an average of nearly 5,000 flights a day to 342 airports across six continents. United Continental Holdings, Inc. common stock is traded on the NYSE under the symbol UAL.