Southwest Airlines and Elliott Investment Management have reached a cooperation agreement, leading to significant changes in the airline’s board of directors and leadership structure, as disclosed in a filing with the US SEC.
As part of the agreement, Southwest will appoint five directors supported by Elliott, reduce the board’s size to 15 members initially and then to 13 after the 2025 Annual Meeting, and accelerate the retirement of executive chairman Gary Kelly and six other directors.
The newly appointed directors include David Cush, Sarah Feinberg, David Grissen, Gregg Saretsky, and Patricia Watson, all of whom have relevant airline or operational experience, with an emphasis on enhancing business performance and governance.
Following the agreement, Elliott withdrew its request for a special shareholders’ meeting, and CEO Bob Jordan retains his position, with a focus on preserving Southwest’s unique business model and culture while aiming for long-term shareholder value.
