Elliott Investment Management is looking to add up to 10 directors to Southwest Airlines' board and call a special shareholders meeting.
Last week, Elliott disclosed a 7% beneficial ownership in Southwest, just 3% away from calling a special meeting of shareholders.A Southwest Airlines plane is pushed back from the gate at Baltimore/Washington International Thurgood Marshall Airport, Friday, July 19, 2024 in Baltimore.is getting a run for its money with aggressive activist investor Elliott Investment Management, possibly landing itself in a proxy fight.
The hedge fund confirmed Tuesday that it plans to nominate 10 directors to Southwest’s 15-person board and call a special meeting allowing shareholders to vote on candidates. The announcement comes just after Elliott publicly disclosed last week a 7% beneficial ownership in Southwest, just below the threshold of 10% required to call a special meeting. Elliott, which disclosed a $1.9 billion stake in Southwest in June, had been aggressively buying common shares of Southwest, according to the public filing.special meetings of shareholders may be called by the chair of the board, president or the CEO and can be called on written request “stating the purpose or purposes” by the majority of the whole board of directors.
In previous letters to Southwest’s board of directors, Elliott had three main requests of Southwest: Oust leaders like CEO Bob Jordan and executive chairman Gary Kelly, reevaluate Southwest’s board of directors and conduct a business review.“Contrary to the company’s statements, Elliott is not seeking control of Southwest,” Elliott wrote in a July 8 letter to the board. “Quite simply, we are seeking to strengthen oversight, upgrade management and improve company performance.”.
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