Southwest Airlines reported Thursday that it is seeing strong bookings for the holiday travel season and healthy demand as it deals with an activist investor.
24.10.2024 - 16:09 / skift.com / Gary Kelly / Bob Jordan / Elliott Management / Elliott Investment Management / Meghna Maharishi / John Pike / Bobby Xu
Southwest announced Thursday the appointment of six new directors to its board as part of a settlement with activist investor Elliott Investment Management.
Of the six directors, five are Elliott’s picks. The list includes:
Southwest also said chairman Gary Kelly will retire earlier, now on November 1 with the other outgoing directors. The board plans to appoint a new independent chairman.
Earlier this week, multiple outlets reported that Elliott and Southwest were in talks for a settlement after the hedge fund called for a special meeting on December 10. Those talks were said to include board representation for Elliott.
“We are pleased to have reached a collaborative resolution with Elliott, continuing our Board refreshment with the addition of new directors who bring complementary skills and experience,” Kelly said in a statement.
The appointment of the new directors ends Southwest’s months-long battle with Elliott, which was poised to turn into a proxy fight.
With the settlement, it looks like Southwest CEO Bob Jordan will keep his job. Elliott had long been calling for Jordan’s resignation as it argued a leadership change at Southwest would restore its profitability. Southwest’s board previously said Jordan had its full support.
Elliott has now withdrawn its request for a December 10 special meeting.
“We believe the strategic changes Southwest has announced since we commenced our engagement, together with the new independent directors and governance improvements, will position the Company to enhance business performance, drive operational execution and evaluate additional changes to create long-term shareholder value,” said Elliott partner John Pike and portfolio manager Bobby Xu in a statement.
Southwest CEO Bob Jordan is due to speak at the Skift Aviation Forum in Dallas on November 12. Click here to see the full agenda and to buy your ticket.
What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance.
Read the full methodology behind the Skift Travel 200.
Southwest Airlines reported Thursday that it is seeing strong bookings for the holiday travel season and healthy demand as it deals with an activist investor.
The New York City Council on Wednesday passed a hotel licensing bill that has sparked an intense debate between supporters who claim it will improve safety and working conditions and opponents who argue it will hobble the hotel industry.
Southwest Airlines is having a «Catch a Sale Fare, Go See your BOO!» promotion, with discounted tickets as low as $59. The sale ends on October 24 at 11:59pm PST, and offers discounts on travel through February 12, 2025. Travel + Leisure spotted a variety of one-way deals in the fare sale including:
NYC Tourism + Conventions, the city’s official destination marketing organization, announced Tuesday that it had named Julie Coker its next president and CEO.
NYC Tourism + Conventions, the city’s official destination marketing organization, announced Tuesday that it had named Julie Coker its next president and CEO.
Qatar Airways operated its first flight equipped with Elon Musk’s Starlink from Doha to London on Tuesday.
During a time when new airport lounges are constantly aiming to one-up each other—with landscaped patios and over-the-top shower suites—Delta Air Line’s newest offering sets a high bar.
If you hold elite status with Delta Air Lines, United Airlines or Southwest Airlines, American Airlines is offering to match your status for at least four months so you can earn status in a different loyalty program without having to start from scratch.
Aer Lingus is launching service to a new U.S. city, helped by the arrival of its newest aircraft type.
If you're looking for a true breath of fresh air in the most literal sense, the pros at QR Code Generator have a new study you're going to want to see. In September, the team unveiled the findings of its newest study, which showed which U.S. and European destinations have the lowest pollution rates, offering the cleanest air possible for travelers and locals alike.
New York City's luxury hotel scene just keeps getting better. And next spring, the city will welcome one of the trendiest hotel brands of them all: Faena.
A presidential campaign. A hurricane. A cult-favorite cabbage slaw.