United Continental CEO Jeff Smisek Quits; Oscar Munoz Named Successor

(RTTNews) - United Continental Holdings Inc (UAL) on Tuesday announced the resignation of Jeff Smisek from his roles as chairman, president and chief executive officer, and as a director, effective immediately.

The airline named Oscar Munoz as its new president and chief executive officer. Munoz will also continue to serve on United's board. It also appointed Henry Meyer III, United's lead independent director, to serve as non-executive chairman of the board.

The company said Smisek's exit stems from federal and internal probes associated with the Port Authority of New York and New Jersey, and added that it is cooperating on the investigations and its internal probe didn't raise any accounting or financial-reporting concerns.

In his new role, Munoz brings broad experience in the transportation industry and large consumer brands including AT&T, Pepsico and Coca-Cola co, United said. He most recently served as president and chief operating officer of CSX Corp (CSX).

The company also announced that its executive vice president of communications and government affairs and its senior vice president of corporate and government affairs have stepped down.

United said its internal investigation and the related circumstances do not raise any accounting or financial reporting concerns.