Southwest Airlines and activist investor Elliott Investment Management reached a settlement that adds six new directors to Southwest's board. The agreement avoids a proxy fight, with the executive chairman Gary Kelly retiring in November and CEO Bob Jordan retaining his position. Elliott had previously sought to replace ten directors, including Kelly and Jordan. With eight new directors overall, it marks Elliott’s largest board change in a U.S. proxy campaign. Southwest’s board will shrink to thirteen members.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Southwest Airlines and activist investor Elliott Investment Management reached a
00:06settlement that adds six new directors to Southwest's board. The agreement avoids a
00:10proxy fight with the executive chairman Gary Kelly retiring in November and CEO Bob Jordan
00:15retaining his position. Elliott had previously sought to replace 10 directors, including Kelly
00:21and Jordan. With eight new directors overall, it marks Elliott's largest board change in a
00:25U.S. proxy campaign. Southwest's board will shrink to 13 members.
00:30For all things money, visit Benzinga.com slash GSTV.