Southwest is the one airline that does not have seat reservation for its passengers. CEO Bob Jordan told investors last month that the airline is 'seriously studying' a possible change to that policy.
Southwest is 1 airline that does not have seat reservation for passengers; CEO told investors airline is considering changeElliott Investment has taken a $1.9B stake in Southwest Airlines, and is calling for leadership changes.Elliott Investment Management announced Monday it has taken a $1.9 billion stake in Southwest Airlines and said there needs to be new leadership at the Dallas-based carrier.
The airline has been particularly hurt by the fact that it only flies the Boeing 737 jet, and that the promised deliveries of the jets in at least the next year will be delayed by safety and production problems. It has been forced to freeze hiring of pilots as it will take delivery of only 20 of the 79 promised jets.
The meltdown was attributed to antiquated staff scheduling software that made it difficult to recover from bad weather at the start of the period. The disruptions cost it more than $1 billion in passenger compensation, increased pay for staff and lost ticketing revenue, in addition to a $140 million fine by the Department of Transportation.
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Activist investor takes $1.9 billion stake in Southwest Airlines, seeks to oust CEO and chairRohan Goswami is an associate reporter on CNBC’s technology team.
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Activist investor takes $1.9B stake in Southwest Airlines, calls for leadership changesSouthwest is the one airline that does not have seat reservation for its passengers. CEO Bob Jordan told investors last month that the airline is 'seriously studying' a possible change to that policy.
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Activist investor Elliott takes nearly $2 bln stake in Southwest Airlines- WSJActivist investor Elliott takes nearly $2 bln stake in Southwest Airlines- WSJ
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Activist investor buys $1.9 billion stake in Dallas-based Southwest AirlinesOn Monday, Elliott Investment Management bought an 11% stake in the company for $1.9 billion. In a letter to the company board, Elliott called on the airline to make leadership changes and replace CEO Bob Jordan and executive chairman Gary Kelly.
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Investment firm takes $1.9 billion stake in Southwest Airlines and wants to oust the CEOActivist shareholder Elliott Investment Management has bought a $1.9 billion stake in Southwest Airlines and is seeking to force out the CEO of the airline, which has struggled with operational and financial problems.
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Elliott takes $1.9 billion stake in Southwest Airlines and seeks to oust CEO and chairThe stake makes Elliott one of Southwest’s largest shareholders. Shares of Southwest were up 7% in premarket trading Monday.
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