According to an article in Forbes, United and Continental have completed their merger, now both existing as wholly owned subsidiaries of United Continental Holdings, formerly UAL Corporation. The combined company’s 16-member board includes Continental’s Jeff Smisek, who will serve as president and CEO, UAL’s Glenn Tilton, who becomes non-executive chairman, six independent directors from each carrier and a pair of union representatives. Smisek said on a conference call Friday that he expects the merger to generate as much as $1.2 billion in “net annual synergies” by 2013, with $800 million to $900 million in additional annual revenue and $200 million to $300 million in cost savings.
United, Continental finalize merger
According to an article in Forbes, United and Continental have completed their merger, now both existing as wholly owned subsidiaries of United Continental Holdings, formerly UAL Corporation. The combined company’s 16-member board includes Continental’s Jeff Smisek, who will serve as president and CEO, UAL’s Glenn Tilton, who becomes non-executive chairman, six independent directors from each carrier and a pair [...]
October 1, 2010