A push for a board shakeup at United Continental

Staff Writer
Columbus CEO

NEW YORK (AP) — A pair of activist investors is pushing for a board shakeup at United Continental, including a seat for former Continental Airlines CEO Gordon Bethune.

Altimeter Capital Management and PAR Capital Management, which own a combined 7.1 percent stake of United Continental Holdings Inc., said in a letter that it has asked the airline to add six of its nominees to the board. The investment firms went public Tuesday after United expanded its board by three seats over the weekend. In the letter, Altimeter and PAR said the move was "a cynical attempt to preserve power."

Besides Bethune, the other people Altimeter and PAR wants to add to the board include Altimeter founder and CEO Brad Gerstner, former Orbitz Worldwide CEO Barney Harford and former Delphi Automotive CEO Rodney O'Neal.