United CEO Oscar Munoz to step down in May

United Airlines on Thursday said CEO Oscar Munoz will turn over day-to-day airline management next spring to President Scott Kirby, who will become the company's chief executive officer.

The change will happen in May, when Munoz becomes executive chairman, succeeding Jane Garvey, who is retiring from the board of directors.The move is one many the airline industry and on Wall Street have anticipated for some time.

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