Elliott Investment Management initiated a proxy battle against Southwest Airlines on December 10th. The activist firm seeks to replace eight board members, proposing new candidates like former Ryanair and Virgin America executives. Elliott aims to improve Southwest’s leadership and performance following years of underperformance. Southwest’s board criticized the move and called it disruptive, especially during a key travel season. Elliott holds an 11% stake and argues that stronger oversight is necessary for the airline's future.
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00:00It's Benzinga, and here's what's on the block.
00:02Elliott Investment Management initiated a proxy battle against Southwest Airlines on
00:07December 10.
00:08The activist firm seeks to replace eight board members proposing new candidates like former
00:13Ryanair and Virgin America executives.
00:16Elliott aims to improve Southwest's leadership and performance following years of underperformance.
00:21Southwest's board criticized the move and called it disruptive, especially during a
00:25key travel season.
00:27Elliott holds an 11 percent stake and argues that stronger oversight is necessary for the
00:31airline's future.
00:32For all things money, visit Benzinga.com.