United CEO Announces New Task Force

(Chicago-AP) -- Shares in United Airlines parent company UAL Corporation fell 15 cents today to close at two dollars and 34 cents on the New York Stock Exchange.

The decline followed an announcement by CEO Glenn Tilton that a task force will investigate ways to make the financially ailing airline more competitive.

The task force will look for ways other than cutting labor costs to reach that the goal.

Tilton is awaiting a financial proposal from United's five unions, which worked through the weekend to try to complete the joint plan.

Tilton told employees that outside experts, whom he did not identify, will join United officials in examining non-labor costs and issues of productivity and competitiveness. United spokesman Joe Hopkins declined further comment today.