Southwest Airlines (LUV) received encouraging tidings on the labor front when it inked a tentative agreement with the company’s flight simulator technicians’ union, International Brotherhood of Teamsters Local 19, for a new collective bargaining agreement. There are more than 50 flight simulator technicians at the Dallas-based carrier. These technicians are responsible for providing essential maintenance and engineering support. By doing so, they ensure the reliability and safety of flight training equipmen ...

Key TakeawaysSouthwest Airlines' former CEO and current Executive Chair Gary Kelly and several board members announced they will be stepping down.The moves came as Elliott Investment Management puts pressure on executives to make significant changes to the airline.Kelly told shareholders it was "the time for change." Southwest Airlines (LUV) shares fell in intraday trading Tuesday as the carrier facing pressure from activist investor Elliott Investment Management announced the exit of its former Chief Execu ...

WEST PALM BEACH, Fla., Sept. 10, 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) ("Southwest") and the actions announced today – including the resignation of seven directors:We learned yesterday, which was made public today, that nearly half of Southwest's Board of Directors had decided to resign based on shareholder feedback. In our experienc ...

A Southwest Airlines plane takes off from Hollywood Burbank Airport above other Southwest planes on July 25, 2024 in Burbank, California.Southwest Airlines chairman and former CEO Gary Kelly said Tuesday that he will step down next year, a move that comes as the carrier faces pressure for changes by activist investor Elliott Investment Management.Kelly, who has worked at Southwest for nearly four decades, announced he would step down hours after a meeting with Elliott, which has been calling for leadership ...

Six Directors to Retire in November; Gary Kelly to Retire Immediately After 2025 Annual Meeting Board Intends to Appoint Four New Independent Directors, Potentially Including Candidates Proposed by Elliott Investment Management L.P., in Near TermBoard Eliminates Executive Committee Structure and Creates New Finance Committee; New Committee Chairs and Lead Independent Director to be NamedBoard Reiterates Support for Bob Jordan as CEOSouthwest Airlines Intends to Continue Engagement Toward a Collaborative Res ...

DALLAS, Sept. 9, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and the International Brotherhood of Teamsters (IBT) Local 19, which represents the airline's Flight Simulator Technicians, have reached a Tentative Agreement for a new collective bargaining agreement."Our Flight Simulator Technicians help keep our flight training facility operating nearly 24 hours a day and play a pivotal role in Southwest's mission to support a safe and reliable operation," said Adam Carlisle, Vice President Labor Re ...

Activist investor Elliott Investment Management has continued pushing for a "comprehensive" review of Southwest Airlines' business while building its stake in the carrier. Elliott now holds 10% of the airline’s common stock, a Tuesday filing with the Securities and Exchange Commission (SEC) showed, allowing it to call a special meeting with Southwest.The investment firm has also advocated for numerous changes at Southwest that it has argued will improve the carrier’s financial performance. As part of Elliot ...

Boarding1Now Elliott Investment Management has pushed Southwest Airlines Co. (NYSE:LUV) to make corporate changes to drive improved shareholder returns. The airline struggled in the last decade as legacy airlines have improved operations and the business became stale. My investment thesis remains Bullish on the stock due to the cheap valuation, but the activist investor has simpler paths to solid returns in the sector. Source: Finviz Special Meeting According to Reuters, Elliott now owns 11% of the outstand ...

The Dallas-based low-cost carrier, Southwest Airlines (LUV) , performed very well during the summer season, making most of the upbeat air travel demand scenario. LUV operated more than 414,000 flights during the period (May 24-Sept. 2, 2024), carrying a record 54 million passengers. Reflecting the highly impressive on-time performance, the completion factor (percentage of scheduled flights completed without cancellation or diversion) during summer was 99.3% compared with 97.3% a year ago.On Labor Day, there ...

Airline achieves 100 percent completion factor on Labor DayDALLAS, Sept. 3, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) closed out summer travel with zero cancellations on Labor Day, highlighting yet another reliable operation during the airline's peak season."I'm so proud of our Employees for staying focused on Safety and running a great operation this Labor Day, and all summer long," said Bob Jordan, President, CEO & Vice Chairman of the Board of Directors at Southwest Airlines. "It's further ...