Los Angeles, June 12, 2008 – UAL Corporation (NASDAQ: UAUA), the holding company whose primary subsidiary is United Airlines, announced today that its shareholders re-elected each of its directors for a one-year term at UAL’s 2008 Annual Meeting.
Each of the 10 directors standing for election by the common stockholders of the Company was re-elected:
- Richard J. Almeida – retired Chairman and Chief Executive Officer of Heller Financial, Inc.
- Mary K. Bush – President of Bush International, a global consulting firm
- W. James Farrell – retired Chairman and Chief Executive Officer of Illinois Tool Works, Inc., an engineering components manufacturer
- Walter Isaacson – President and Chief Executive Officer of the Aspen Institute, an international education and leadership organization; former Chairman and Chief Executive Officer of CNN
- Robert D. Krebs – retired Chairman and Chief Executive Officer of Burlington Northern Santa Fe Corporation
- Robert S. Miller – Executive Chairman of Delphi Corporation, a supplier of mobile electronics and transportation systems; former Non-Executive Chairman of Federal Mogul Corporation, an auto parts supplier, and former Chairman and Chief Executive Officer of Bethlehem Steel Corporation
- James J. O’Connor – retired Chairman and Chief Executive Officer of Unicom Corporation, a holding company, and its wholly owned subsidiary, Commonwealth Edison Company
- Glenn F. Tilton – Chairman, President and Chief Executive Officer of UAL Corporation and its wholly owned subsidiary, United Air Lines, Inc.; former Vice Chairman of ChevronTexaco Corporation; former Chairman of the Board and Chief Executive Officer of Texaco, Inc.
- David J. Vitale – Senior Advisor to the Chief Executive Officer of the Chicago Public School system and the former Chief Administrative Officer of the Chicago Public School system; former President and Chief Executive Officer of the Chicago Board of Trade
- John H. Walker – Chief Executive Officer of Global Brass and Copper and the former Chief Executive Officer and President of the Boler Company, a transportation manufacturer; former Chief Executive Officer, former President and Chief Operating Officer of Weirton Steel Corporation
In addition, holders of two classes of preferred stock – the Class Pilot MEC Junior Preferred Stock and the Class IAM Junior Preferred Stock – elected Captain Stephen A. Wallach and Stephen R. Canale as UAL directors. Mr. Wallach is Chairman of United Airlines ALPA-MEC (Air Line Pilots Association – Master Executive Council) and Captain, United Boeing 747-400; Mr. Canale is President and Directing General Chairman of the IAM (International Association of Machinists and Aerospace Workers) District Lodge 141.
Glenn F. Tilton, Chairman, President and Chief Executive Officer of UAL Corporation and United Air Lines, Inc., said,“Today, our stockholders showed their confidence in our Board, overwhelmingly electing Directors to another term, and approving an equity incentive plan that will enable United to attract, retain and reward key leaders. Equally important, our owners recognize our strong corporate governance and soundly rejected the proposal for say on pay.”
Final voting tallies will be included in the Company’s next quarterly report filed with the Securities and Exchange Commission.
About United
United Airlines (NASDAQ: UAUA) operates more than 3,200* flights a day on United and United Express to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America, United is one of the largest international carriers based in the United States. United also is a founding member of Star Alliance, which provides connections for our customers to 965 destinations in 162 countries worldwide. United's 55,000 employees reside in every U.S. state and in many countries around the world. News releases and other information about United can be found at the company's Web site at united.com.
*Based on the flight schedule between Jan. 1, 2008 and Dec. 31, 2008.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements included in this press release are forward-looking and thus reflect the company’s current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to the operations and business environment of the company that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Factors that could significantly affect net earnings, revenues, expenses, costs, load factor and capacity include, without limitation, the following: the company’s ability to comply with the terms of its credit facility; the costs and availability of financing; the company’s ability to execute its business plan; the company’s ability to realize benefits from its resource optimization efforts and cost reduction initiatives; the company’s ability to attract, motivate and/or retain key employees; the company’s ability to attract and retain customers; demand for transportation in the markets in which the company operates; general economic conditions (including interest rates, foreign currency exchange rates, crude oil prices and energy refining capacity in relevant markets); the effects of any hostilities or act of war or any terrorist attack; the ability of other air carriers with whom the company has alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aircraft insurance; the costs of jet fuel; our ability to cost-effectively hedge against increases in the price of jet fuel; the costs associated with security measures and practices; labor costs; industry consolidation; competitive pressures on pricing and on demand; capacity decisions of United and/or its competitors; U.S. or foreign governmental legislation, regulation and other actions, including the effect of open skies agreements; the company’s ability to utilize its net operating losses; the ability of the company to maintain satisfactory labor relations and our ability to avoid any disruptions to operations due to any potential actions by our labor groups; weather conditions; and other risks and uncertainties set forth from time to time in UAL’s reports to the United States Securities and Exchange Commission. Consequently, the forward-looking statements should not be regarded as representations or warranties by the company that such matters will be realized. The company disclaims any intent or obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.