An investment firm has taken a $1.9 billion stake in Southwest Airlines and wants to oust the CEO

Published June 10, 2024 9:47 AM

DALLAS (AP) — Activist shareholder Elliott Investment Management has taken a $1.9 billion stake in Southwest Airlines and wants to get rid of the CEO. The investment firm said Monday that Southwest failed to keep up with other airlines and suffers from outdated technology and operations. The investment first says Southwest’s “stubborn unwillingness to evolve” is causing deeply disappointing results — the airline’s shares have lost more than 50% in the last three years. Southwest says it’s confident that CEO Robert Jordan and Executive Chairman Gary Kelly can carry out the airline’s plan to improve returns for shareholders.

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