Elliott Investment Secures 10% Stake in Southwest Airlines, Calls for Leadership Overhaul

The hedge fund seeks to replace top executives and install new board members, escalating its campaign for strategic changes.

Elliott Investment Management now holds over 10% of Southwest Airlines' shares, enabling it to call a special shareholder meeting.
The hedge fund aims to nominate 10 new members to Southwest's 15-person board and replace CEO Robert Jordan and Executive Chairman Gary Kelly.
Southwest Airlines has adopted a 'poison pill' defense to prevent Elliott from gaining further control.
Elliott criticizes Southwest's recent operational changes as insufficient to address the airline's declining stock value.
A crucial meeting between Southwest and Elliott is scheduled for September 9 to discuss potential leadership changes.