Activist investor Elliott Investment Management has been applying pressure on Southwest Airlines, seeking to shake up the airline's leadership and operations.
Elliott's demands have led to significant changes at Southwest, including the retirement of executive chairman and former CEO Gary Kelly.
While acknowledging the need for change, Southwest's leadership maintains its support for CEO Bob Jordan.
Elliott's campaign has been unprecedented in the airline industry, marking the first time the activist firm has targeted a major carrier.
Southwest's recent performance has been affected by factors such as an oversupplied domestic U.S. market, higher costs, and aircraft delivery delays from Boeing.
The activist campaign against Southwest highlights the growing influence of activist investors in corporate governance.
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