Oscar Munoz, the chief executive of United Continental Holdings Inc.
will no longer be the default choice for the airline’s next chairman, according to a Securities and Exchange Commission filing late Friday. Munoz initiated changes to his employment agreement that would have him as the company’s chairman, “leaving future determinations related to the Chairman position to the discretion of the Board,” United said. The move follows Munoz’s handling of a public-relations crisis earlier in the month when a passenger was forcibly removed from an overbooked flight. United shares declined 0.1% to $69.47 after hours.