On May 2, 2010, the Boards of Directors at Continental and United Airlines approved a stock-swap deal that would combine them into the world's largest airline in revenue passenger miles. The new airline would take on the United Airlines name, Continental's logo and be based in United's hometown of Chicago. The new United would be run by Continental's CEO, Jeff Smisek, along with United Airline's CEO, Glenn Tilton, serving as non-executive Chairman of the board. The deal received approval from US and European regulators in the summer of 2010. The shareholders of both airlines approved the deal on September 17, 2010. Both airlines had been reporting losses in the recession and expected the merger to generate savings of more than a year.