Elliott takes $1.9 billion stake in Southwest Airlines, seeks to oust CEO and chair
Publishing timestamp: 2024-06-10 12:58:20
Summary
Activist Elliott Management has a $1.9 billion stake in Southwest Airlines and plans to push for leadership changes at the struggling company. The activist believes Southwest has fallen from being the best-in-class airline to one of the biggest laggards and is seeking to replace the CEO and Chairman with outside candidates. Southwest has faced challenges including Boeing's 737 Max delivery delays and a holiday meltdown in 2022. Elliott has also been involved in campaigns at other companies and has taken stakes in various firms in recent months. Southwest shares were up 8% in early-afternoon trading on Monday.
Sentiment: MIXED
Tickers: TXN, LUV, DAL, CCI, ST, UAL, JBLU, AAL-GB, BA, 9984.T-JP,
Keywords: technology, delta air lines inc, crown castle inc, texas instruments inc, united airlines holdings inc, business, transportation, sensata technologies holding plc, boeing co, breaking news, breaking news: business, breaking news: technology, southwest airlines co, jetblue airways corp, business news, anglo american plc, softbank group corp, airlines,
Source: https://www.cnbc.com/2024/06/10/southwest-luv-activist-elliott-stake.html