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Southwest Airlines shareholders approve board members after Elliott agreement

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Southwest Airlines shareholders approve board members after Elliott agreement
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Robert E Jordan CEO of Southwest Airlines | Southwest Airlines

Southwest Airlines announced the results of its annual shareholder meeting, confirming that all nominated board members, including five appointed following an agreement with Elliott Investment Management, were approved. The airline also revised its bylaws in line with the Texas Business Organizations Code.

The airline's President and CEO, Bob Jordan, received 21.3 million votes against his reappointment but was still supported by 405 million votes. The shareholders also endorsed the executive compensation plan and ratified Ernst & Young as independent auditors while rejecting a proposed clawback policy.

Elliott Investment Management began acquiring shares in Southwest Airlines in 2024, aiming for a significant stake and proposing changes to improve stock prices. After negotiations, Elliott secured five board seats on November 1, 2024.

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In related developments, Ryan Green, named Chief Transformation Officer recently, will leave the company on April 1. During an Investor Day presentation in September, Green highlighted customer awareness of Southwest's "bags fly free" policy. However, the airline plans to discontinue this policy.

Other significant changes include the introduction of new fare products and adjustments to Rapid Reward points for low-paying customers.

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