Elliott to call special Southwest shareholder meeting for leadership overhaul
The hedge fund has launched a campaign to oust CEO Bob Jordan and other top executives, blaming them for the company's underperformance. It wants the U.S. carrier to change the way it runs its business and has laid out plans to replace two-thirds of the board's 15 directors.
But Southwest reiterated its support for Jordan, saying there was"no better leader" to successfully execute its strategy to"evolve the airline and enhance sustainable shareholder value." The hedge fund now owns enough Southwest stock to call a special meeting and take the next steps to shake up the board and management.Its operating costs have increased by 23% since the pandemic, but unit revenues have increased by just 6%.
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