United CEO Oscar Munoz is stepping down and transitioning to chairman in 2020, with president Scott Kirby taking his place

• United Airlines CEO Oscar Munoz announced that he would step down in May 2020 and transition to chairman.
• Scott Kirby, United's president, will assume the chief executive role.
• Kirby was recruited from American Airlines by Munoz in 2016.
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United Airlines announced on Thursday that CEO Oscar Munoz would leave the role in May 2020, and would transition to chairman of the board.

Scott Kirby, United's current president, will be promoted to the role. Kirby was recruited to United as president in 2016.

"With United in a stronger position than ever, now is the right time to begin the process of passing the baton to a new leader," Munoz said in a statement. "One of my goals as CEO was to put in place a successful leadership transition for United Airlines."

This is a developing story. Check back for updates.

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