Southwest Airlines announced that Executive Chairman and former CEO Gary Kelly will retire next year, following pressure from activist investor Elliott Investment Management. Kelly, who has been with the company for nearly four decades, stated that change is necessary. The firm holds a $2 billion stake in the airline and said the carrier is grappling with "stunning underperformance." Six Southwest board members will retire in November, with four new independent directors to be appointed, including up to three candidates proposed by Elliott.
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00:00It's Benzinga, and here's what's on the block.
00:02Southwest Airlines announced that Executive Chairman and former CEO Gary Kelly will retire
00:07next year following pressure from activist investor Elliott Investment Management.
00:11Kelly, who has been with the company for nearly four decades, stated that the change is necessary.
00:16The firm holds a $2 billion stake in the airline and said the carrier is grappling with stunning
00:21underperformance.
00:22Six Southwest board members will retire in November, with four new independent directors
00:26to be appointed, including up to three candidates proposed by Elliott.
00:29To help things money, visit Benzinga.com.