Southwest Chair Kelly to step down next year as activist Elliott pushes for changes at airline
- Southwest Airlines Chairman Kelly will retire next year, but the airline plans to keep CEO Robert Jordan after meeting with Elliott Investment Management, which seeks changes at the airline.
- Southwest announced six directors will exit the board in November, intending to appoint four new members, possibly from candidates suggested by Elliott.
- Elliott, led by billionaire investor Paul Singer, has acquired a 10% stake and argues that changes are needed to improve Southwest's financial performance and stock price.
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