Frank Rondel
Southwest Airlines announced that two directors nominated by activist investor Elliott Investment Management will step down from its board later this month, reports customreceipt.com via Reuters.
The airline said the resignations of David Cush and Gregg Saretsky will take effect on February 23. Cush, who previously served as chief executive officer of Virgin America, and Saretsky, the former chief executive officer of WestJet, joined Southwest’s board in October 2024 alongside three additional nominees put forward by Elliott Investment Management.
In a filing submitted to the U.S. Securities and Exchange Commission, Southwest Airlines stated that neither departure was related to any disagreement with the company. The filing specified that the resignations were not connected to the airline’s operations, policies, or practices.
Southwest also disclosed that, concurrent with the board changes, it will reduce the size of its board of directors from 13 members to 11.
Shares of Southwest Airlines Co are traded on the New York Stock Exchange under the ticker symbol LUV.
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