Southwest Airlines (WN, Dallas Love Field) and activist investor Elliott Investment Management have reached a “cooperation” agreement, resulting in significant changes to the carrier’s board of directors and leadership, according to a filing lodged with the US Securities and Exchange Commission (SEC).
As part of the deal, Southwest has appointed five directors backed by Elliott, committed to reducing the board’s size, and agreed to accelerate the retirement of executive chairman Gary Kelly along with six other directors. In turn,…
Source: ch aviation
Read more: Southwest, Elliott reach settlement, restructure board