Reiterates Efforts to Reach Constructive Resolution with Elliott Outlines Actionable Steps Taken to Position Southwest for the FutureShareholders Not Required to Take Immediate ActionDALLAS, Oct. 14, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) ("Southwest" or the "Company") today confirmed that Elliott Investment Management L.P. ("Elliott") requested a Special Meeting of Shareholders to consider Elliott's proposals, including to remove without cause eight members of Southwest's Board of Director ...

Take AwaysElliott Investment Management has called for a special meeting of Southwest Airlines shareholders in December. The investment firm has nominated eight board candidates, and has recommended removing eight current board members.It is the latest volley in a back-and-forth between the firm and the airline. Elliott Investment Management on Monday called for Southwest Airlines (LUV) shareholders to elect its slate of candidates to the company’s board. Elliott, which says its funds own about 11% of the a ...

Core Viewpoint - Elliott Investment Management is pushing for a special shareholder meeting to vote on new director candidates to influence Southwest Airlines' strategy, citing insufficient improvements from recent changes [1][2]. Group 1: Elliott's Actions and Proposals - Elliott has called for a special meeting in December to propose replacing eight directors and gaining control of the board [1]. - The hedge fund owns 10% of Southwest's common stock and manages approximately $70 billion in assets [1]. - Elliott has criticized the current board's performance and has been advocating for the ouster of CEO Bob Jordan [1][4]. Group 2: Southwest Airlines' Current Situation - Southwest Airlines has a market capitalization of $18.45 billion and has struggled to maintain profitability since the COVID-19 pandemic [1][2]. - The airline's stock price has decreased by 42% over the last five years but has seen an 8% increase in 2024 [3]. - Recent initiatives by Southwest include adding more legroom to seats, dropping the open seating system, and launching partnerships and vacation packages [2][3]. Group 3: Board Composition and Changes - The current board has 15 members, which will reduce to 13 next month and further to 12 at the next annual meeting [2]. - A new director was added earlier this year, and six directors are set to leave in November, with executive chairperson Gary Kelly departing in May next year [3][4]. - Elliott's proposed director candidates have significant industry and regulatory experience, including former executives from Ryanair and Virgin America [4].

Travelers check in at a Southwest counter at Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, US, on Tuesday, July 23, 2024.Elliott Investment Management has requested a special meeting at Southwest Airlines, formalizing the launch of a long-signaled proxy fight for control of the carrier's board.The activist is seeking a meeting date of Dec. 10, it said Monday. Elliott has also trimmed the size of its board slate from 10 director candidates to eight, after Southwest shrunk its bo ...

Submits Proposals to Elect Eight Independent Best-in-Class Nominees and Remove Eight Current DirectorsCalls on Southwest to Confirm Meeting Date Promptly Without Unnecessary Delay Shareholders Should Take Action As Soon As Possible to Ensure They Are Able to Vote Their SharesWEST PALM BEACH, Fla., Oct. 14, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment representing an approximately 11% economic interest in Southwest Airlines Co. (NYS ...

Investors might want to bet on Southwest Airlines (LUV) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this airline reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between tren ...

In partnership with the Hispanic Association of Colleges and Universities, the airline celebrates 20 years of connecting students to their families through travelDALLAS, Oct. 9, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and the Hispanic Association of Colleges and Universities (HACU) are partnering for the 20th year to provide tickets to students through the ¡Lánzate!/Take Off! Higher Education Travel Award Program. This year's recipients were selected from more than 90 institutions across the ...

Shares of Dallas, TX-based airline heavyweight Southwest Airlines Co. (LUV) have had a good run of late, improving double digits over the past 90 days. The encouraging price performance resulted in LUV outperforming its industry in the said time frame, as well as the S&P 500, of which the airline is a key member. Additionally, LUV’s price performance compares favorably with that of fellow U.S. airline operators JetBlue Airways Corporation (JBLU) and Alaska Air Group, Inc. (ALK) in the same time frame.Three- ...

Shares of Southwest Airlines Co. (LUV) performed well on the bourse on Sept. 26, 2024, closing the trading session at $29.93 per share, up 5.42% from the previous day's closing. The upside was owing to the improved third-quarter 2024 guidance revealed by the company.LUV now anticipates its third-quarter revenue per available seat mile (RASM or unit revenues) to increase in the range of 2%-3% on a year-over-year basis. This marks an improvement from the previous forecast of flat to down 2%. The upside in rev ...

Southwest Airlines (LUV) shares rallied 5.4% in the last trading session to close at $29.93. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1% loss over the past four weeks.The stock is benefitting from its upbeat views (announced on Sep. 26, 2024) on third-quarter 2024 unit revenues and fuel costs. LUV now expects its revenue per available seat miles (RASM: a key measure of unit revenue) to increase in the ...