Southwest Airlines will revamp its board and the chairman will retire next year, but it intends to keep CEO Robert Jordan in a partial concession to hedge fund Elliott Investment Management, which has been pushing for changes at the airline including Jordan’s ouster.Southwest said Tuesday that six directors will leave the board in November and it plans to appoint four new, independent directors, potentially including candidates put forward by Elliott.Shares of Southwest Airlines fell 4% Tuesday. 4 Activis ...

Southwest Airlines (LUV) received encouraging tidings on the labor front when it inked a tentative agreement with the company’s flight simulator technicians’ union, International Brotherhood of Teamsters Local 19, for a new collective bargaining agreement. There are more than 50 flight simulator technicians at the Dallas-based carrier. These technicians are responsible for providing essential maintenance and engineering support. By doing so, they ensure the reliability and safety of flight training equipmen ...

文章核心观点 - 西南航空前任CEO及现任执行主席Gary Kelly和多名董事会成员宣布将退出 [1][2] - 这一举动是在埃利奥特投资管理公司(Elliott Investment Management)施加压力下做出的 [3] - Kelly表示"这是变革的时候" [3] 公司层面 - 西南航空前任CEO及现任执行主席Gary Kelly将不会在2025年股东大会上参选连任,并将在大会后立即退休离开董事会 [1] - 董事会成员David Biegler、Veronica Biggins、Roy Blunt参议员、William Cunningham博士、Thomas Gilligan博士和Jill Soltau已提交辞呈,将在11月董事会定期会议后生效 [2] - 这些辞职将使董事会人数减少至9人,但公司预计将在不久后任命4名新成员,使董事会总人数减少1人,最终为12人 [2] 行业层面 - 这些变动是在埃利奥特投资管理公司向西南航空施加压力的背景下做出的 [3] - 埃利奥特认为公司领导层表现不佳,未能解决其关切,尤其针对Kelly和CEO Bob Jordan [3] - Kelly表示Jordan和董事会已与埃利奥特及其他股东建设性地互动,并采取措施加强航空公司 [3] - 尽管Kelly对公司制定的增长计划表示乐观,但他认为"这是变革的时候" [3]

WEST PALM BEACH, Fla., Sept. 10, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), today released the following statement on behalf of Partner John Pike and Portfolio Manager Bobby Xu regarding Southwest Airlines Co. (NYSE: LUV) ("Southwest") and the actions announced today – including the resignation of seven directors:We learned yesterday, which was made public today, that nearly half of Southwest's Board of Directors had decided to resign based on shareholder feedback. In our experienc ...

A Southwest Airlines plane takes off from Hollywood Burbank Airport above other Southwest planes on July 25, 2024 in Burbank, California.Southwest Airlines chairman and former CEO Gary Kelly said Tuesday that he will step down next year, a move that comes as the carrier faces pressure for changes by activist investor Elliott Investment Management.Kelly, who has worked at Southwest for nearly four decades, announced he would step down hours after a meeting with Elliott, which has been calling for leadership ...

Six Directors to Retire in November; Gary Kelly to Retire Immediately After 2025 Annual Meeting Board Intends to Appoint Four New Independent Directors, Potentially Including Candidates Proposed by Elliott Investment Management L.P., in Near TermBoard Eliminates Executive Committee Structure and Creates New Finance Committee; New Committee Chairs and Lead Independent Director to be NamedBoard Reiterates Support for Bob Jordan as CEOSouthwest Airlines Intends to Continue Engagement Toward a Collaborative Res ...

DALLAS, Sept. 9, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and the International Brotherhood of Teamsters (IBT) Local 19, which represents the airline's Flight Simulator Technicians, have reached a Tentative Agreement for a new collective bargaining agreement."Our Flight Simulator Technicians help keep our flight training facility operating nearly 24 hours a day and play a pivotal role in Southwest's mission to support a safe and reliable operation," said Adam Carlisle, Vice President Labor Re ...

Activist investor Elliott Investment Management has continued pushing for a "comprehensive" review of Southwest Airlines' business while building its stake in the carrier. Elliott now holds 10% of the airline’s common stock, a Tuesday filing with the Securities and Exchange Commission (SEC) showed, allowing it to call a special meeting with Southwest.The investment firm has also advocated for numerous changes at Southwest that it has argued will improve the carrier’s financial performance. As part of Elliot ...

Boarding1Now Elliott Investment Management has pushed Southwest Airlines Co. (NYSE:LUV) to make corporate changes to drive improved shareholder returns. The airline struggled in the last decade as legacy airlines have improved operations and the business became stale. My investment thesis remains Bullish on the stock due to the cheap valuation, but the activist investor has simpler paths to solid returns in the sector. Source: Finviz Special Meeting According to Reuters, Elliott now owns 11% of the outstand ...

The Dallas-based low-cost carrier, Southwest Airlines (LUV) , performed very well during the summer season, making most of the upbeat air travel demand scenario. LUV operated more than 414,000 flights during the period (May 24-Sept. 2, 2024), carrying a record 54 million passengers. Reflecting the highly impressive on-time performance, the completion factor (percentage of scheduled flights completed without cancellation or diversion) during summer was 99.3% compared with 97.3% a year ago.On Labor Day, there ...