Southwest Airlines has appointed industry veteran Rakesh Gangwal as its independent chair of the board of directors on November 4, 2024, effective immediately. It follows shortly after the company settled its fierce dispute against its activist investor, Elliott Investment Management.
Gangwal co-founded budget carrier IndiGo and was the former CEO and chairman of US Airways Group. He had previously purchased approximately 3.6 million shares in Southwest, the airline had revealed in various stock filings in early October 2024. The total shares were valued at over $100 million and were purchased between September 30 and October 1.
Southwest CEO and president Bob Jordan said: “I look forward to working with our new board as we execute our plan and deliver for our shareholders.”
“We are embarking on the next era of change at Southwest as we build upon its many successes and storied past," said Gangwal. "Our critical priority as a newly constituted board is to come together to work closely with Bob Jordan and the rest of the management team to return the carrier to superior financial performance.”
The airline also named new board committee chairs, effective immediately.
Lisa Atherton will serve as chair of the compensation committee, Douglas Brooks will serve as chair of the audit committee, David Hess will continue to serve as chair of the safety and operations committee, Chris Reynolds will serve as chair of the nominating and corporate governance committee, and Gregg Saretsky will serve as chair of the finance committee.