United Airlines Trades Flat on New CEO Announcement

Airline names industry veteran J. Scott Kirby to replace Oscar Munoz, who will become executive chairman of the board.
Author:
Publish date:

United Airlines (UAL) - Get Report shares traded flat Thursday afternoon, after the company announced it will name J. Scott Kirby as CEO to replace Oscar Munoz, who will become executive chairman of the board.

The changes will be made at the company’s annual meeting in May.

Shares of the airline company were off slightly in afternoon trading, down 45 cents, or 0.5%, to $87.72. Earlier, the stock rose as high as $89.31.

Munoz became CEO of United in 2015. 

In 2017 videos of an incident in which a paying passenger was injured while being forcibly removed from a United flight went viral. Munoz's initial response, backing company employees' handling of the case, drew widespread criticism. In the aftermath of the incident, plans to name Munoz chairman of the board in 2018 were canceled. 

In the broader markets, the S&P 500 index traded flat at 3,113.24.

The Nasdaq Composite Index fell 4.33 points, or 0.05%, to 8,562.34.

Among major market indicators, U.S. 10-Year treasury yields rose 2 basis points to 1.80%.