Elliott Investment Management is launching a proxy fight with Southwest Airlines and plans to nominate 10 candidates for the 15-member board of the airline, whose performance has lagged behind competitors.
The hedge fund said late Tuesday that naming a slate of director candidates marks “a key step toward implementing the urgent changes needed at Southwest.”
Southwest said Wednesday that it has repeatedly sought to engage Elliott to address its concerns, but those attempts have been rebuffed.
“After Elliott recently agreed to a meeting with Southwest Airlines in early September to discuss a collaborative resolution, including continuing significant Board refreshment and other governance enhancements, Elliott unilaterally decided instead to publicly announce its intention to replace a majority of Southwest Airlines’ Board,” Southwest said in a prepared…
