Elliott Statement on Southwest Governance Changes

Rhea-AI Summary

Elliott Investment Management has released a statement regarding leadership changes at Southwest Airlines (NYSE:LUV). The investment firm acknowledged Rakesh Gangwal's decision to step down as Chair of Southwest Airlines, while noting he will remain on the Board. Elliott's Partner John Pike and Portfolio Manager Bobby Xu expressed gratitude for Gangwal's leadership during what they described as a transformational period for the company.

Elliott affirmed its confidence in Southwest's trajectory and expressed commitment to maintaining constructive engagement as the airline pursues its long-term value creation strategy.

WEST PALM BEACH, Fla. , July 31, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott") today released the following statement on behalf of Partner John Pike and Portfolio Manager Bobby Xu regarding Rakesh Gangwal's decision to step down from his role as Chair at Southwest Airlines Co. (NYSE: LUV) (the "Company" or "Southwest"):

We thank Mr. Gangwal for his leadership and contributions as Southwest's independent Chair during a transformational period for the company and we are grateful that he will continue to serve as a member of the Board. We remain confident in Southwest's trajectory and we look forward to continuing our constructive engagement as the Company executes its plan to drive long-term value.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact:         
Casey Friedman                                             
Elliott Investment Management L.P.                                     
(212) 478-1780                                              
cfriedman@elliottmgmt.com

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SOURCE Elliott Investment Management L.P.

FAQ

Who is stepping down as Chair of Southwest Airlines (LUV)?

Rakesh Gangwal is stepping down as Chair of Southwest Airlines, but will continue to serve as a member of the Board.

What is Elliott Investment Management's stance on Southwest Airlines (LUV)?

Elliott expressed confidence in Southwest's trajectory and plans to continue constructive engagement as the company executes its value creation plan.

Will Rakesh Gangwal remain on Southwest Airlines' Board after stepping down as Chair?

Yes, while stepping down as Chair, Rakesh Gangwal will continue to serve as a member of Southwest Airlines' Board.

What was Elliott's response to the Southwest Airlines chair transition?

Elliott thanked Gangwal for his leadership during Southwest's transformational period and expressed gratitude for his continued Board service.