14-Sep-2024 4:21 AM CST : The recent news of Southwest Airlines undergoing significant board changes and facing pressure from activist investor Elliott Investment Management is dominating headlines. On Tuesday, Executive Chairman Gary Kelly announced plans to retire next year as part of a continued "refreshment" at the airline following urging from Elliot. This move comes after repeated calls for a strategic overhaul from the hedge fund, which recently acquired enough company stock to be able to call a special meeting and vote among shareholders.
The changes in Southwest Airlines' board are expected to bring about new appointments and governance changes aimed at enhancing shareholder value and driving the airline forward. Elliott Investment Management has been pushing for major changes within the carrier's leadership, including the ousting of CEO Bob Jordan and Chairman Gary Kelly due to what it classified as "poor execution and leadership's stubborn unwillingness to evolve." The activist investor now holds a 10% stake in Southwest Airlines' common stock.
Despite these developments, Southwest Airlines has maintained its support for CEO Bob Jordan amid calls for a shakeup from Elliott Investment Management. However, the airline did announce that it would keep him as part of their leadership team despite pressure to remove him. The company's shares have been underperforming compared to competitors and are still short of their 52-week high.
In other news related to Southwest Airlines, the carrier has faced challenges in recent times due to operational issues such as cancellations and delays. However, it did report a solid summer performance with an improved completion factor (percentage of scheduled flights completed without cancellation or diversion) on a year-over-year basis during the period from May 24-Sept. 2.
12-Sep-2024 4:13 PM CST - MarketWatch Southwest Airlines Co. stock rises Thursday, still underperforms market Shares of Southwest Airlines Co. LUV inched 0.21% higher to $28.87 Thursday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.75% to 5,
11-Sep-2024 5:09 PM CST - Dallas Morning News Who is leaving Southwest Airlines' board of directors and who can get a spot? Southwest Airlines is changing its board of directors as the Dallas-based airline faces pressure from an activist investor and the need to be profitable for its shareholders. On Monday, Southwest announced its executive chairman Gary Kelly would not run for reelection in 2025 and six board members would resign after a quarterly board meeting in November.
11-Sep-2024 4:51 PM CST - Benzinga (Video) Southwest Airlines to Revamp Board Amid Activist Investor Pressure from Elliot Southwest Airlines is undergoing a significant board overhaul to boost its financial performance and stock price. Longtime Chairman Gary Kelly will retire next year. Six directors are stepping down in November,
11-Sep-2024 9:21 AM CST - Zacks How to Play Southwest Airlines Stock Post Elliott-Induced Board Revamp Giving in to continuous calls for a strategic overhaul from activist investor Elliott Investment Management,Southwest Airlines LUV overhauled its board. Under the plethora of changes, the Dallas-based low-cost carrier's former CEO and current executive chair Gary Kelly and several board members announced their decision to step down.
14-Sep-2024 4:21 AM CST : The recent news of Southwest Airlines undergoing significant board changes and facing pressure from activist investor Elliott Investment Management is dominating headlines. On Tuesday, Executive Chairman Gary Kelly announced plans to retire next year as part of a continued "refreshment" at the airline following urging from Elliot. This move comes after repeated calls for a strategic overhaul from the hedge fund, which recently acquired enough company stock to be able to call a special meeting and vote among shareholders.
The changes in Southwest Airlines' board are expected to bring about new appointments and governance changes aimed at enhancing shareholder value and driving the airline forward. Elliott Investment Management has been pushing for major changes within the carrier's leadership, including the ousting of CEO Bob Jordan and Chairman Gary Kelly due to what it classified as "poor execution and leadership's stubborn unwillingness to evolve." The activist investor now holds a 10% stake in Southwest Airlines' common stock.
Despite these developments, Southwest Airlines has maintained its support for CEO Bob Jordan amid calls for a shakeup from Elliott Investment Management. However, the airline did announce that it would keep him as part of their leadership team despite pressure to remove him. The company's shares have been underperforming compared to competitors and are still short of their 52-week high.
In other news related to Southwest Airlines, the carrier has faced challenges in recent times due to operational issues such as cancellations and delays. However, it did report a solid summer performance with an improved completion factor (percentage of scheduled flights completed without cancellation or diversion) on a year-over-year basis during the period from May 24-Sept. 2.
12-Sep-2024 4:13 PM CST - MarketWatch Southwest Airlines Co. stock rises Thursday, still underperforms market Shares of Southwest Airlines Co. LUV inched 0.21% higher to $28.87 Thursday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.75% to 5,
11-Sep-2024 5:09 PM CST - Dallas Morning News Who is leaving Southwest Airlines' board of directors and who can get a spot? Southwest Airlines is changing its board of directors as the Dallas-based airline faces pressure from an activist investor and the need to be profitable for its shareholders. On Monday, Southwest announced its executive chairman Gary Kelly would not run for reelection in 2025 and six board members would resign after a quarterly board meeting in November.
11-Sep-2024 4:51 PM CST - Benzinga (Video) Southwest Airlines to Revamp Board Amid Activist Investor Pressure from Elliot Southwest Airlines is undergoing a significant board overhaul to boost its financial performance and stock price. Longtime Chairman Gary Kelly will retire next year. Six directors are stepping down in November,
11-Sep-2024 9:21 AM CST - Zacks How to Play Southwest Airlines Stock Post Elliott-Induced Board Revamp Giving in to continuous calls for a strategic overhaul from activist investor Elliott Investment Management,Southwest Airlines LUV overhauled its board. Under the plethora of changes, the Dallas-based low-cost carrier's former CEO and current executive chair Gary Kelly and several board members announced their decision to step down.
