By Connor Hart
Two of Southwest Airlines' board members will step down as a result of the carrier's deal with Elliott Investment Management, which gave the activist a significant presence on its board.
Southwest said Eduardo Conrado and Elaine Mendoza won't stand for re-election at its annual meeting this year, according to a Friday filing with the Securities and Exchange Commission.
The disclosure comes after a settlement between Southwest and Elliott in October deflected a proxy fight, ending a four-month dispute over whether the airline's management would be able to pull off a turnaround.
The settlement's terms called for five of Elliott's proposed directors to be added to the airline's board. It also required Executive Chairman Gary Kelly, who served as the airline's CEO for nearly two decades, to leave the board earlier than planned and hold the title chairman emeritus.
Southwest, though, managed to defend keeping Chief Executive Bob Jordan, whom Elliott had initially sought to oust.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 07, 2025 16:38 ET (21:38 GMT)
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