Greenwald Quits Chrysler for United Executive Post

Article excerpt

San Francisco Chronicle Chrysler Corp. Vice Chairman Gerald Greenwald has resigned to lead the employee buyout of United Airlines.

If financing for the $4.4 billion acquisition can be completed by Aug. 9, Greenwald, 54, will replace Stephen Wolf as chairman and chief executive officer of United, the nation's second-largest carrier behind American Airlines.

Greenwald signed a five-year contract with United Employee Acquisition Corp., the buyout group formed by the mechanics, pilots and flight attendants unions at United. Sources said the contract tops the $1 million per year that Greenwald was earning at Chrysler.

``I've been offered an opportunity to lead another great company during a period of transition, and it's an opportunity I can't turn down,'' Greenwald said.

Will Rogers World Airport in Oklahoma City is under consideration as a site for a proposed $500 million maintenance center center for United Airlines.

Gov. Henry Bellmon has signed a bill that will enable airlines to claim federal depreciation tax credits on Oklahoma property. The provision would lengthen from 25 years to 40 years the period a lease could be enacted between an airline and a municipality through a public trust. This would make state law consistent with federal Internal Revenue Service rules for the airline companies to claim depreciation tax credits.

Last week, it was reported that UAL's unions had approached Greenwald about the job. At the time, he denied it was true. …