Southwest Airlines has shaken up its board, promising "significant ongoing refreshment", after meeting activist investor Elliott Investment Management.
Executive chairman Gary Kelly will voluntarily retire from his position effective immediately after the 2025 annual meeting.
"While my heart will always be with Southwest and a part of me would love to continue supporting this great company day-to-day, I recognise it is critical to demonstrate my immense confidence and support for Bob Jordan as CEO to all our stakeholders," Kelly said in an open letter to shareholders.
In addition, six current directors plan to step down immediately after Southwest's board meeting in November. The members include David Biegler, Veronica Biggins, Roy Blunt, William Cunningham, Thomas Gilligan, and Jill Soltau.
The airline anticipates the appointment of four new independent directors in the near future. Elliott had previously revealed plans to nominate 10 members of the board to Southwest's board of 15 members.