Activist investor calls for leadership changes at Southwest Airlines

Activist investor Elliott Investment Management is calling for leadership changes at Southwest Airlines after taking a $1.9 billion stake in the company.

"Southwest’s poor execution and leadership’s stubborn unwillingness to evolve the company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike," Elliott Investment Management officials said. "Southwest’s rigid commitment to a decades-old approach has inhibited its ability to compete in the modern airline industry.”

The airline's stock grew by more than 6% in trading Monday on news of Elliott Investment Management's letter to the board.

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