Southwest Airlines has been further under pressure from minority stakeholder Elliott Investment Management, and is given permission to own a greater share of the company's outstanding shares.
The Dallas-based carrier disclosed that in a filing with the Securities and Exchange Commission on February 19, it had amended its existing agreement with Elliott. stock.
The current terms of the contract expire after Southwest Investor's Day in 2026.
This is Southwest's latest concession to Elliott, using minority stakes to overhaul the company's board of directors, resignation of executive chairman and former CEO Gary Kelly, strategic and We wiped out operational changes.
Sales between the company's leadership teams continue to retire longtime Chief Financial Officer Tammy Romo on April 1st.
Southwest recently appointed former Breeze Airways president Tom Doxey to replace Romo.
In a particularly dramatic move, Southwest recently made 15% of corporate jobs. This is the first layoff ever.
Green outbound
Southwest also disclosed the planned departure of Chief Change Director Ryan Green on February 19th. He did not elaborate on the circumstances surrounding Green's decision to resign on April 1st.
Greene was playing a leading role in Southwest's financial turnaround plan. This is a detailed executive during the day of the company's investor in September. Southwest is abandoning its egalitarian boarding system and unsigned seating policy, installing new seating sections in its fleet and introducing first night “Red Eye” flights, including other changes.
Analysts at some airlines speculate that the work of CEO Bob Jordan and Chief Operating Officer Ryan Watterson is also at risk amid the shift in Southwest wholesale. Elliott previously had sought an alternative to Jordan.
