Elliott Management Launches Proxy Fight to Revamp Southwest Airlines Board
Elliott Management will launch a proxy fight at Southwest Airlines and intends to nominate as many as ten directors to the company's 15-person board. Elliott plans to call a special shareholder meeting, rather than waiting for the annual meeting, as it has already amassed an 11% economic interest in Southwest. The nominees Elliott has put forward for the board include former airline CEOs and executives from companies like Ryanair, Virgin America, Marriott, and JetBlue. Elliott took a stake in Southwest in June and has pushed for leadership changes, arguing that its CEO and chairman are responsible for the airline's recent poor performance.
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00:00It's Benzinga, and here's what's on the block.
00:02Elliott Management will launch a proxy fight at Southwest Airlines and intends to nominate
00:07as many as 10 directors to the company's 15-person board.
00:10Elliott plans to call a special shareholder meeting rather than waiting for the annual
00:14meeting as it has already amassed an 11 percent economic interest in Southwest.
00:19The nominees Elliott has put forward for the board include former airline CEOs and executives
00:24from companies like Ryanair, Virgin America, Marriott, and JetBlue.
00:28Elliott took a stake in Southwest in June and has pushed for changes to leadership,
00:32arguing that its CEO Bob Jordan and chairman are responsible for the airline's recent
00:36poor performance.
00:37For all things money, visit Benzinga.com.