Elliott Investment Management plans a proxy fight at Southwest Airlines, aiming to nominate ten new directors to the board.
The proposed slate includes former airline executives David Cush, former CEO of Virgin America, and Robert Milton, former CEO of Air Canada.
Elliott, which holds about 8% of Southwes’s shares, seeks leadership changes, specifically targeting CEO Bob Jordan and Executive Chairman Gary Kelly.
Southwest’s stock has fallen over 10% this year, reducing its market value to just over $15 billion.
In response, Southwest has introduced new strategies, such as a seat assignment plan and a shareholder-rights plan, to counter Elliott’s influence.
Investment firm Elliott has successfully led management changes in companies like Crown Castle and Starbucks, indicating possible shifts at Southwest.