Southwest reaches cooperation agreement with Elliott, appoints six new independent directors
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Background ✨
Southwest Airlines faced pressure from activist investor Elliott Investment Management, which called for significant board changes and proposed 10 independent nominees, including David Cush and Sarah Feinberg, as part of its strategy for urgent reform1 2. Elliott criticised the existing board for poor returns and lack of accountability, leading to multiple resignations, including Gary Kelly's earlier retirement3 4.