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'The buck stops here,' says United CEO as shares drop further
United Continental CEO Oscar Munoz said Tuesday that no one will be fired for the airline's recent debacle involving a passenger being dragged off an overbooked flight.
"The buck stops here. And I'm sure there was lots of conjecture about me personally," the apologetic CEO said on the company's earnings call Tuesday. "Again, it was a system failure across various areas, so no, there was never a consideration for firing an employee."
The company has been embroiled in controversy ever since a video surfaced of Dr. David Dao being dragged off an overbooked flight in Chicago.
The fiasco has hurt shares of United Continental (UAL), which dropped about 4 percent on Tuesday, despite the company reporting better-than-expected earnings late Monday.
Munoz once again apologized for the confrontation, saying, "The incident on Flight 3411 has been a humbling learning experience for all of us here at United and for me in particular."
"In addition to apologizing to Dr. Dao, as well as all of the passengers aboard, I also want to apologize to all our customers. You can and should expect more from us and as CEO, I take full responsibility for making this right," he added during Tuesday's conference call.
Munoz reiterated that United will make policy changes, including not using law enforcement to take passengers off a flight unless there is a security issue and requiring that crews be booked at least an hour before takeoff.
Dao, a Vietnamese-American, was bloodied and suffered a concussion and two broken teeth in the confrontation, which created an uproar on Chinese social media. Many users of Weibo , a platform similar to Twitter, called for a boycott of United.
Munoz said Tuesday he spoke with the local Chinese consulate and will be traveling to China on a previously scheduled trip. While there, he plans to discuss the incident with Chinese officials and customers.
United posted first-quarter earnings of 41 cents per share on revenue of $8.42 billion. Analysts had projected earnings of 38 cents per share on revenue of $8.38 billion, according to Thomson Reuters consensus estimates.
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