Southwest had been under pressure from activist Elliott Investment Management to increase returns.
Southwest CEO Bob Jordan outlined the cost cuts in a staff memo.A Southwest Airlines Boeing 737 passenger plane taxis along the tarmac at the Ronald Reagan Washington National Airport in Arlington, Virginia on December 13, 2024.is pausing corporate hiring and promotions, suspending most of its summer internships and going without some employee team-building events that date back to the 1980s in order to cut costs and improve margins, CEO Bob Jordan told staff Monday.
"We'll continue to evaluate hiring needs on an ongoing basis to determine when it makes sense for the business to resume hiring," she said in an email. Southwest spent months last year under pressure from activist Elliott Investment Management, which called for a CEO change at the carrier. Thein October with Elliott winning five Southwest board seats, short of control, and Jordan remaining in the top job.
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