Shares of Southwest Airlines (LUV, Financial) fell as Elliott Investment Management, a notable activist investor, called for a special meeting to allow shareholders to elect a fully independent board. Elliott holds approximately 11% of Southwest Airlines, a stake valued around $2 billion based on the current stock price.
Elliott Management expressed disappointment after its extensive efforts to persuade Southwest to implement significant governance reforms went unheeded. Partners at Elliott stated that without a thorough board reorganization, Southwest Airlines risks failing to fulfill its potential, instead becoming a company of unmet promises.
