Incoming UAL Corp. Chief Executive Gerald Greenwald has been making the rounds of large institutional investors to garner support for the company's employee buy-out proposal, scheduled for a shareholder vote at the July 12 annual meeting.
Assuming shareholders approve the buy-out, Mr. Greenwald, former vice chairman of Chrysler Corp. and currently on retainer as consultant to the Air Line Pilots Association and the International Association of Machinists and Aerospace Workers, would take over as chief executive from Stephen M. Wolf that day.
Mr. Greenwald recently visited officials of the $50 billion New York City Retirement Systems, which have not yet decided whether to support the buy-out, said Eric Wollman, director of corporate governance.
Mr. Wollman said the retirement system owns about 1% to 2% of UAL stock.
John Kiker, a spokesman for the company, confirmed Mr. Greenwald has met with several large investors.
Mr. Greenwald's efforts follow public criticism of the plan by John Neff, manager of the Vanguard/Windsor Funds Inc., Valley Forge, Pa., the second largest shareholder, which owns 10.99% of UAL's outstanding shares.