United Continental Holdings, Inc. today announced that President and Chief Executive Officer Oscar Munoz plans to return to those roles on a full-time basis on March 14, 2016 and resume all of his duties and responsibilities at that time.
Munoz has already been participating actively in all major corporate decisions and meeting frequently with employees, shareholders, and other stakeholders during his recovery.
Henry L. Meyer III, Non-Executive Chairman of United’s Board of Directors, said, “The Board is confident in the strength and potential of United’s business – and very pleased that Oscar will be returning to the roles of President and Chief Executive Officer on a full-time basis. We expect him to continue leading the company’s improving operational and financial performance, driving increased shareholder value, and innovating and elevating United’s customer and employee experience. We would also like to extend our sincere appreciation to Brett Hart for his superb leadership as acting CEO.”
Munoz said, “I am thrilled to return full-time to a job and the employees I love. Since September when I became CEO, our team has been focused on our employees, improving the operation and the customer experience, and the results are starting to show. In fact, over the past several months United has emerged as a top performer in on-time arrivals and completion factor among our largest industry peers. I am grateful to our 85,000 aviation professionals around the world at United for running such a great airline and taking care of our customers.
“Our progress isn’t just limited to the operation. Financially, we have been performing well. United’s 2015 earnings were one of the best in the Company’s history, and we made significant progress shrinking the margin gap with our closest competitors, strengthening our balance sheet, and returning significant cash to shareholders. United spent $1.2 billionrepurchasing shares in 2015 and plans to spend $1.5 billion on share repurchases in the first quarter of 2016. We have a lot of positive momentum, but this is just the beginning. There is significant work underway and we see substantial upside yet to come.”
United has also been upgrading its customer experience with free snacks and premium coffee, providing improved WiFi onboard, and modernizing its United Clubs and airport lounges. These and other enhancements are delivering continued improvement in United’s customer satisfaction, employee pride, and financial performance.
This press release contains forward-looking statements that reflect the Company’s current expectations and beliefs with respect to certain current and future events, including Mr. Munoz’s full-time return as President and Chief Executive Officer and planned share repurchases. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to, those described in Part I, Item 1A., “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2015, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the U.S. Securities and Exchange Commission. All forward-looking statements in this release are based upon information available to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law.