Hedge fund Elliott Management is escalating its fight against the management of Southwest Airlines.
A Southwest Airlines plane moves to departs from Love Field in Dallas, Thursday, July 25, 2024. – Elliott Investment Management is launching a proxy fight with Southwest Airlines and plans to nominate 10 candidates for the 15-member board of an the airline whereThe hedge fund said late Tuesday CQ that naming a slate of director candidates marks “a key step toward implementing the urgent changes needed at Southwest.
“The urgency of change is underscored by the substantial continued deterioration in Southwest’s performance” since Elliott announced its proposed overhaul of Southwest, the firm said. Elliott has previously called for the replacement of CEO Robert Jordan and Chairman Gary Kelly, whom it accuses of causing Southwest to lag behind changes in the airline industry.switching to assigned seats
Elliott’s intended slate includes former CEOs of Air Canada, Canadian low-cost carrier WestJet and Virgin America, former senior executives at JetBlue and Ireland’s Ryanair and a former U.S. Transportation Department official.
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