World News | Southwest Shakes Up Board After Coming Under Pressure from Big Shareholder
Get latest articles and stories on World at LatestLY. Southwest Airlines will revamp its board and its chairman will retire next year, but it intends to keep CEO Robert Jordan after a meeting with hedge fund Elliott Investment Management, which has sought a leadership shakeup at the airline including Jordan's ouster.
Washington, Sep 10 (AP) Southwest Airlines will revamp its board and its chairman will retire next year, but it intends to keep CEO Robert Jordan after a meeting with hedge fund Elliott Investment Management, which has sought a leadership shakeup at the airline including Jordan's ouster.
Southwest said Tuesday that six directors will leave the board in November and it plans to appoint four new ones, who could include candidates put forward by Elliott.
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Elliott, the fund led by billionaire investor Paul Singer, has built a 10 per cent stake in recent weeks and advocated changes it says will improve Southwest's financial performance and stock price. The two sides met Monday.
Shares of Southwest Airlines Co. rose slightly before the opening bell Tuesday. (AP)
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)