Activist investor Elliott Investment Management on Monday warned of a proxy fight to push for leadership changes at budget carrier Southwest Airlines.In a letter to Southwest’s board, Elliott said while it is open to collaboration, it plans to “move expeditiously to give shareholders a direct say on the necessary leadership changes.”Southwest did not immediately respond to a request for comments.Elliott, known for pushing changes to boost shareholder returns, has called for a reconstitution of Southwest’s b ...

Has Received Overwhelmingly Supportive Feedback about Call for Leadership Change Responds to Company's Adoption of Shareholder-Unfriendly "Poison Pill" Reiterates Measures Necessary to Improve Performance Letter is available at StrongerSouthwest.com WEST PALM BEACH, Fla., July 8, 2024 /PRNewswire/ -- Elliott Investment Management L.P. (and its affiliates, "Elliott"), today sent a letter to the Board of Southwest Airlines Co. (NYSE: LUV) (the "Company" or "Southwest") summarizing the feedback received and ke ...

DALLAS, July 8, 2024 /PRNewswire/ -- The Board of Directors of Southwest Airlines Co. (NYSE: LUV) ("Southwest") (the "Company") has appointed Rakesh Gangwal as a member of the Board, effective July 7.Gangwal has deep and extensive airline industry experience and is the co-founder of India's largest airline by fleet size and passengers carried, InterGlobe Aviation, known as IndiGo. Before co-founding IndiGo in 2006, Gangwal served as Chairman, President, and Chief Executive Officer of Worldspan Technologies, ...

Southwest Airlines Co. (LUV) has provided updated guidance for second-quarter 2024.The company now expects its second-quarter revenue per available seat mile (RASM) to decline in the range of 4%-4.5% year over year, which marks a deterioration from the previous guidance of 1.5% to 3.5% decline. The downside in the RASM expectations was owing to the difficulties faced by LUV in adjusting its revenues to current booking patterns and consumer spending trends. Despite lowered expectations, LUV continues to anti ...

Southwest Airlines is experiencing reduced pricing power because airlines have added flights and seats.The company said in a Wednesday (June 26) filing with the Securities and Exchange Commission (SEC) that it has changed its outlook for revenue per available seat mile (RASM) in the current quarter from its previous estimate of a year-over-year drop of 1.5% to 3.5% to its current estimate of a drop of 4.0% to 4.5%.“The reduction in the company’s RASM expectations was driven primarily by complexities in adap ...

Southwest Airlines, already under pressure from a hedge fund for disappointing financial results, said Wednesday that a key revenue ratio will be weaker than expected because of changes in how consumers book travel.The airline said it still expects second-quarter revenue to hit a record.However, Southwest said, revenue for each seat flown one mile — a closely watched measure of pricing power — will fall by 4% to 4.5% compared with the same quarter last year. In April, the airline said the decline would be 1 ...

Key TakeawaysSouthwest Airlines cut its revenue per available seat mile (RASM) guidance for the second quarter on weaker bookings.The carrier explained that it was having issues in adapting revenue management to its booking patterns in what it called a "dynamic environment."Southwest said that despite the booking softness, it expects a record quarter for operating revenue. Southwest Airlines (LUV) shares fell Wednesday as the carrier slashed its guidance because of softer bookings. The airline wrote in a Se ...

WEST PALM BEACH, Fla., June 26, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), today released the following statement on behalf of Partner John Pike and Portfolio Manager Bobby Xu regarding Southwest Airlines Co. (NYSE: LUV) (the "Company" or "Southwest") and its revenue guidance reduction announcement:Today's announcement marks the eighth guidance reduction at Southwest Airlines in the last 18 months with RASM (revenue per available seat mile) now expected to decline 4% to 4.5% in the ...

Southwest Airlines Co (NYSE:LUV) cut its fiscal second-quarter forecast today, as the industry struggles to predict demand trends. Plus, Boeing's (BA) safety issues resulting in delayed jet deliveries are limiting growth. At last check, LUV is down 3.9% to trade at $27.40.The shares are testing support at the $27 level, but gapping below the 40-day moving average as they look to snap their three-day win streak. The $30 region has acted as a ceiling since the equity's March pullback, rejecting a rally from e ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...