UAL Extends CEO’s Term by Four Years

United Airlines parent UAL Corp. extended Glenn Tilton’s term as president, chairman and chief executive for an additional four years, rewarding him for steering the nation’s No. 2 airline through bankruptcy proceedings and back to profitability.

Tilton, whose original five-year contract had been set to expire next September, will be paid $850,000 a year through Sept. 1, 2011, according to a regulatory filing by the Elk Grove Township, Ill.-based company. Tilton was paid $605,625 in 2005 and got a $482,532 bonus. The 58-year-old former oil industry executive will be 63 when the new pact expires.