Southwest Airlines (LUV) on Wednesday disclosed revisions to its cooperation agreement with Elliott Investment Management, increasing the maximum amount of stock the activist investor can own to 19.9% from 14.9%.
The revised agreement also extends a temporary cap limiting Elliott to owning no more than 12.49% of Southwest's outstanding stock until April 1, 2026, or the day after the record date for the company's 2026 annual meeting, whichever is earlier, according to a regulatory filing by Southwest.
Southwest also said Ryan Green will step down as chief transformation officer on April 1. The company did not immediately name a successor.
Southwest shares were down 0.4% in recent trading.
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