Elliott Management Launches Proxy Fight to Revamp Southwest Airlines Board

Elliott Management will launch a proxy fight at Southwest Airlines and intends to nominate as many as ten directors to the company's 15-person board. Elliott plans to call a special shareholder meeting, rather than waiting for the annual meeting, as it has already amassed an 11% economic interest in Southwest. The nominees Elliott has put forward for the board include former airline CEOs and executives from companies like Ryanair, Virgin America, Marriott, and JetBlue. Elliott took a stake in Southwest in June and has pushed for leadership changes, arguing that its CEO and chairman are responsible for the airline's recent poor performance.