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James A.C. Kennedy

Shareholders welcome Munoz back with challenge to United board

Shareholders welcome Munoz back with challenge to United board

Welcome back to the captain's seat and, oh, by the way, the board that hired you is "underqualified" and "ineffective."

That was the message from a powerful group of activist investors to United Continental Holdings CEO Oscar Munoz on Tuesday morning, two days after he announced he will return to work next week after an October heart attack and subsequent heart transplant.

Shareholders Altimeter Capital Management and PAR Capital Management — which own 7.1 percent of United between them — nominated a slate of six potential independent board members, led by former Continental Airlines CEO Gordon Bethune, to shake up the struggling airline.

The...

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