Southwest Airlines investor Elliott Management plans to launch a proxy fight at the airline, and will nominate up to 10 directors to the company's board.
Elliott is preparing to launch a proxy fight at Southwest Airlines and will nominate as many as 10 directors to the company's 15-person board.The activist needs to own 10% of the company's common stock to call a special meeting.A Southwest Airlines Boeing 737-7Q8 takes off from Ronald Reagan Washington National Airport in Arlington Virginia on August 13, 2024.
The activist has already amassed an economic interest of roughly 11%, although only 7% is in common stock. Elliott needs to own at least 10% of the company in order to call a special meeting, under Southwest's bylaws, a threshold that it will likely cross soon. Southwest rebuffed those requests, and CEO Jordan since told CNBC that Elliott's engagement with the company had not been meaningful. The activist had already intimated that it would seek to call for a special meeting in its second letter to Southwest's board.he news comes the same day that another Elliott-targeted company, Starbucks, announced it would appoint Chipotle CEO Brian Niccol as the coffee chain's new chief.
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