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The airline is keeping its CEO, but losing a large chunk of its board. In the fight with Elliott Management, who's winning?
Flight Simulator Technicians Approve New Contract; All Labor Contracts Now Successfully Ratified DALLAS , Sept. 16, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and the International Brotherhood of Teamsters (IBT) Local 19 today announced the airline's Flight Simulator Technicians have voted in favor of their new contract.
Gary Kelly, LUV's executive chair, and six board members announce their decision to step down.
Southwest said six directors will leave the board in November and it plans to appoint four new, independent directors, potentially including candidates put forward by Elliott.
The tentative deal, inked with the union representing LUV's flight simulator technicians, will now be voted upon.
Southwest Airlines (LUV) shares fell in intraday trading Tuesday as the carrier facing pressure from activist investor Elliott Investment Management announced the exit of its former Chief Executive Officer (CEO) and several board members.
WEST PALM BEACH, Fla. , Sept. 10, 2024 /PRNewswire/ -- Elliott Investment Management L.P.
Southwest Airlines' stock was headed higher Tuesday after Executive Chairman Gary Kelly announced plans to retire as part of a continued board “refreshment” at the airline, following urging from activist investor Elliott Investment Management L.P.
Six Directors to Retire in November; Gary Kelly to Retire Immediately After 2025 Annual Meeting Board Intends to Appoint Four New Independent Directors, Potentially Including Candidates Proposed by Elliott Investment Management L.P., in Near Term Board Eliminates Executive Committee Structure and Creates New Finance Committee; New Committee Chairs and Lead Independent Director to be Named Board Reiterates Support for Bob Jordan as CEO Southwest Airlines Intends to Continue Engagement Toward a Collaborative Resolution with Elliott Investment Management L.P.
DALLAS , Sept. 9, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and the International Brotherhood of Teamsters (IBT) Local 19, which represents the airline's Flight Simulator Technicians, have reached a Tentative Agreement for a new collective bargaining agreement.