Southwest Airlines

Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.

Elliott's $1.9bn, 11% stake argues Southwest's 50% decline reflects an insular 1971-era leadership culture; replacing the Chairman/CEO and refreshing the board can drive shares to $49 (+77%).

Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.

Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.

Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.

Southwest has become the industry's worst-performing airline under current leadership; Elliott nominates ten independent directors to replace the CEO and restore best-in-class performance.

Elliott, with ~11% of Southwest, calls the management team the worst in airlines and nominates ten independent directors to replace the CEO and restore industry-leading performance.

Elliott nominates David Cush, former Virgin America CEO, to Southwest's board as part of an eight-director slate to restore the airline's operational and financial performance.