Elliott accuses Southwest’s management and board of not acting strongly enough to reverse deteriorating financial results and a drop in the stock price.
DALLAS — Elliott Investment Management is launching a proxy fight with Southwest Airlines and plans to nominate 10 candidates for the 15-member board of an the airline where performance has lagged behind competitors.
The hedge fund said late Tuesday CQ that naming a slate of director candidates marks “a key step toward implementing the urgent changes needed at Southwest.”
Southwest said Wednesday that it has repeatedly sought to engage Elliott to address its concerns, but those attempts have been rebuffed.
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