United CEO Oscar Munoz to step down in 2020

United Airlines CEO Oscar Munoz
United CEO Oscar Munoz. Photo: Justin Sullivan/Getty Images

United Airlines CEO Oscar Munoz will step down in May, transitioning into the role of executive chairman, CNBC reports.

What's next: The airline's current president, Scott Kirby, will take over as CEO, ending industry speculation that he might jump ship to American Airlines. His ascension had been expected on Wall Street, as Kirby was hired by Munoz in 2016 improve United's performance and profits.

Go deeper: CEO confidence sinks to lowest level since 2016

Poll: Retirement hopes — and fears

Data: SurveyMonkey online poll with a margin of error of ±2.5 percentage points; Chart: Andrew Witherspoon/Axios

Americans' sentiments about retirement illustrate the impact of growing socio-economic inequality in the country.

The bottom line: Inequality is cyclical. Poorer, less educated, marginalized Americans face more hurdles to reaching a comfortable retirement. Meanwhile, wealthier Americans are more likely to have the luxury of retiring or working as long as they want.