United to Roll Out Plan Following CEO's Hospitalization

Chicago-based United Airlines will soon release its plans on how to proceed following the hospitalization of new CEO Oscar Munoz.

Munoz, 56, suffered a heart attack last week. He took over the role in early September after former CEO Jeff Smisek abruptly resigned amid a federal investigation.

“The Company anticipates it will today conclude the corporate governance process necessitated by the hospitalization of President and CEO, Oscar Munoz,” said Henry L. Meyer III, non-executive Chairman of the Board, in a brief statement. “The company expects to release more details either later today or tomorrow. In the meantime, the United family’s thoughts and well-wishes are with Oscar.”

As a first step to improve United’s performance, Munoz took out newspaper ads apologizing for the company’s frequent service lapses and overall poor performance. Since United’s merger with Continental in 2009, those problems only worsened.

United’s stock dipped 4 percent after the heart attack was reported, and was trading at about $55 a share Friday afternoon. The stock was back on the rise Monday, up 62 cents or 1.1 percent, to $56.59.

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