Elliott Investment Management has now acquired a 10% ownership of Southwest Airlines, it said in a filing late on August 30, 2024.
The activist investor now has a large enough stake to call for a special meeting. Elliott is pushing for changes in Southwest's management, aiming to appoint 10 members to Southwest's board of 15 members. Southwest CEO Robert Jordan said he would work with staff to restore the airline's performance.
The airline deployed a poison pill in July to fend off against the investor, placing barriers against an entity from acquiring over 12.5% stake in the company.
Southwest filed eight separate initial statements of beneficial ownership of securities - all of which detailed persons from 10 of Elliott's own board nominees.
Both Elliott and Southwest are scheduled to meet on September 9.
Southwest's stock climbed over 3% following Elliott crossing the threshold as well as Evercore ISI upgrading Southwest's rating to outperform.
Elliott Investment Management reaches new threshold in Southwest fight
