CHICAGO - United Airlines Holdings, Inc. (NASDAQ:UAL), a prominent player in the Passenger Airlines industry with a market capitalization of $35.2 billion, has announced a change in its Board of Directors, with Captain Anne Worster stepping down and Brian Noyes being appointed to the position.
The transition follows Captain Worster's departure from the role of chairperson of the Air Lines Pilots Association, International's (ALPA-MEC) Master Executive Council, which held the right to elect a board member as the holder of the company's Class Pilot MEC Junior Preferred Stock. According to InvestingPro data, United Airlines has demonstrated remarkable performance with a 180% return over the past year, making it a stock of significant interest to investors.
Captain Worster's resignation, effective immediately as of Monday, was not due to any disagreements with the company regarding its operations, policies, or practices. United Airlines expressed gratitude for her service on the Board.
Brian Noyes, designated by ALPA-MEC, assumed the board seat on Wednesday. The company has not yet determined Noyes' committee assignments. As a director representing a class of stock other than United's common stock, Noyes will not receive cash or equity compensation, but will be entitled to certain other benefits as detailed in the company's 2024 proxy statement.
The appointment of Mr. Noyes is not linked to any arrangements or understandings with other persons, nor have there been any reportable transactions between him and United Airlines since the last fiscal year.
This board change comes as United Airlines continues to navigate the complexities of the airline industry, maintaining a "GREAT" overall financial health score according to InvestingPro analysis. The information regarding these changes is based on the latest SEC filing by United Airlines Holdings, Inc.
For comprehensive insights into UAL's performance metrics and future outlook, investors can access detailed Pro Research Reports available exclusively on InvestingPro, covering over 1,400 top US stocks.
In other recent news, United Airlines has seen several noteworthy developments. TD Cowen analysts have raised their price target for the company's shares from $125.00 to $142.00, maintaining a Buy rating.
The firm expects United Airlines to post robust fourth-quarter 2024 earnings, driven by strong international demand and positive domestic supply dynamics. Analysts anticipate an adjusted earnings per share (EPS) of $2.99 for the quarter, slightly above the Bloomberg consensus of $2.95, and revenue reaching $56 billion in the last twelve months.
United Airlines has also made significant updates to its bylaws, strengthening director eligibility and stockholder participation. These changes are part of a periodic review aimed at aligning the airline's bylaws with current Delaware law and practices. Furthermore, Citi has increased its price target for United Airlines, maintaining a Buy rating due to the company's potential for revenue growth.
The airline industry is expected to benefit from a 20% drop in Brent crude oil prices, potentially leading to a net profit of $31.5 billion in 2024. This could be favorable for United Airlines, given the industry's surge in demand in the air cargo market. The US Transportation Department is also considering a proposal that would require airlines to compensate stranded passengers with a minimum of $200 in cash if delays or cancellations are within the airline's control.
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