Elliott Management has called for a special meeting at Southwest Airlines to seek a major board shake-up. The activist investor aims to remove CEO Bob Jordan and Executive Chairman Gary Kelly, citing dissatisfaction with the airline's current strategy. Elliott proposed a ten-director slate, which includes airline veterans and former regulators. In response, the airline supported its current leadership and warned shareholders of the risks in handing control to Elliott’s nominees. Southwest’s shareholder meeting is expected in May, but Elliott hopes to elect new directors sooner.
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00:00It's Benzinga, and here's what's on the block.
00:02Elliott Management has called for a special meeting at Southwest Airlines, seeking a major
00:07board shake-up.
00:08The activist investor aims to remove CEO Bob Jordan and Executive Chairman Gary Kelly,
00:13citing dissatisfaction with the airline's current strategy.
00:16Elliott proposed a 10-director slate, which includes airline veterans and former regulators.
00:21In response, the airline supported its current leadership and warned shareholders of the
00:25risks in handing control to Elliott's nominees.
00:28A Southwest shareholder meeting is expected in May, but Elliott hopes to elect new directors
00:32sooner.
00:33For all things money, visit Benzinga.com.