Activist Elliott Investment Management called for sweeping changes to Southwest Airlines Co.’s leadership to reverse what it sees as years of underperformance by one of the biggest US carriers. The investor also demanded an overhaul of the airline’s strategy in a letter Bloomberg Terminal Monday that revealed a $1.9 billion stake, making Elliott one of its biggest shareholders. Elliott specifically criticized Southwest Chief Executive Officer Bob Jordan and Executive Chairman Gary Kelly for poor execution and a “stubborn unwillingness to evolve the company’s strategy.”

Source: Wall Street Journal June 10, 2024 01:03 UTC