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Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an approximately 11% economic interest in Southwest Airlines, Inc. (NYSE:LUV) ("Southwest" or the "Company"), today announced that it intends to nominate ten independent, highly qualified candidates (the "Candidates") to the Company's Board. Elliott plans to move forward expeditiously to formally nominate the Candidates.
Elliott has previously called for three steps to put Southwest on the path to restoring its industry-leading position: 1) reconstituting the Board; 2) installing new leadership; and 3) conducting a comprehensive business review. Today's announcement represents a key step toward implementing the urgent changes needed at Southwest. The urgency of change is underscored by the substantial continued deterioration in Southwest's performance since Elliott initially published its materials on June 10 and the Board's actions in response to further entrench itself and resist change.
When nominated, these Candidates would give shareholders a choice between the Company's existing Board, which has delivered poor returns for shareholders and has not held management accountable for Southwest's unacceptable performance, or a new Board that brings relevant expertise, fresh thinking and accountability.
Posted In: LUV
