United Airlines' CEO has resigned

United Airlines CEO Jeff Smisek has resigned from the company.

In a press release on Tuesday, the Chicago-based airlines announced Smisek’s departure, as well as the installation of Oscar Munoz as United’s new chief executive.

In addition to relinquishing his CEO role, Smisek will also step down from his jobs as chairman, president, and as a director — all effective immediately, according to the company.

Prior to joining United, Smisek was the CEO of Continental Airlines when it merged with United in 2010.

Here’s a excerpt from United Airlines’ statement:

United Continental Holdings, Inc. (NYSE: UAL) today announced that it has named Oscar Munoz as president and chief executive officer. Munoz will also continue to serve on United’s board of directors. The board appointed Henry L. Meyer III, United’s lead independent director, to serve as non-executive chairman of the board of directors. The company also announced that Jeff Smisek has stepped down from his roles as chairman, president and chief executive officer, and as a director. These changes are effective immediately.

Munoz brings to this role deep and broad experience in the transportation industry and large consumer brands including AT&T, Pepsico and The Coca-Cola Company. He most recently served as president and chief operating officer of CSX Corporation.

In the same release, United stated:

The company also announced that its executive vice president of communications and government affairs and its senior vice president of corporate and government affairs have stepped down. The departures announced today are in connection with the company’s previously disclosed internal investigation related to the federal investigation associated with the Port Authority of New York and New Jersey. The investigations are ongoing and the company continues to cooperate with the government.

We don’t know if there are any connections between Smisek’s resignation and the departures of the other executives. But we contacted United for comments and will update this post if we learn more.

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