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Southwest Backs CEO as Activist Elliott Seeks Board Overhaul
- Slate of nominees includes three former airline CEOs
- Move is part of Elliott push to reconstitute current board
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Southwest Airlines Co. said it remained confident in its current leadership team after Elliott Investment Management proposed replacing a majority of directors on the struggling airline’s board in a looming proxy battle.
Elliott “unilaterally” pushed ahead with its proposed overhaul even after agreeing to meet with the carrier next month to discuss a resolution to the activist’s push for major reforms, including board changes, Southwest said in a statement Wednesday. The airline said it remains open to talks with Elliott and will evaluate the activist’s nominees.