United Airlines reports that CEO Oscar Munoz was admitted to the hospital on Thursday. In a statement released Monday morning, the airline said it will conclude the corporate governance process necessitated by his hospitalization today.
"The company expects to release more details either later today or tomorrow. In the meantime, the United family's thoughts and well-wishes are with Oscar," said Henry L. Meyer III, non-executive Chairman of the Board, in a press release.
Bloomberg reports that the airline's board of directors had been in discussions on Friday on whether to appoint an interim CEO or to appoint a new one, but talks were stalled due to lack of information on Munoz's condition.
Reuters reports that United shares were down 3.1 percent following the news, for a decline of nearly 17 percent this year.
In a statement released Thursday, United Airlines said the airline is continuing to operate normally.
Keep visiting www.travelagentcentral.com for further updates on this developing story.