United Continental Adds 15th Director to Its Board

United Continental Holdings Inc. completed the last step in an April agreement with two airline investors that staved off a proxy fight by appointing a mutually agreed 15th member to its board of directors.

Edward "Ted" Philip, chief operating officer of the global nonprofit health care organization Partners in Health, was appointed to the airline's board on July 14, United said Tuesday in a federal filing. Mr. Philip, 51, is a former investment banker, Walt Disney Co. executive and founding member of internet search company, Lycos Inc. He comes to the panel as an independent director.

In mid-April, two investment firms that hold more than 7% of United's shares backed off a proxy battle when the Chicago-based airline agreed to put two of its representatives on the board and to appoint as nonexecutive chairman for two years a director who was one of three the carrier added to its board before the proxy battle became public. Previously, United Chief Executive Oscar Munoz was slated to add the chairman's role in 2017.

The two sides agreed to add an additional director agreed by both sides, and that resulted in Mr. Philip's appointment. The two investment firms are Par Capital Management Inc. and Altimeter Capital Management LP. The five new directors, excluding Mr. Philip, were elected to United's board at its June 8 annual meeting.

United is the nation's third-largest airline by traffic. It is scheduled to release its second-quarter earnings later on Tuesday.

Write to Susan Carey at [e-mail]

(END) Dow Jones Newswires

July 19, 2016 11:45 ET (15:45 GMT)

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