I don't think Strategic Alternatives means M&A at this point in time for UA... but it could (and should) mean a shakeup of the audacious, unmitigated incompetence and disengagement on the part of the board. This is the board that let $misek ruin the most golden merger opportunity of the last 20 years: 2 airlines with revenue premiums, loyal customers and complementary far-reaching networks. They should have ditched him long before the NJ scandal. They clearly had nobody lined up to lead, and apparently are still short on permanent hires on a huge chunk of the C-suite.
I don't think anyone on the board appreciated how bad United had become, they were just there to collect their check, warm a seat and rubber stamp the continued ongoing mismanagement plan