Elliott readies Southwest proxy fight, will nominate 10 directors

[mahatmakanejeeves]

Shareholder Activism
Elliott readies Southwest proxy fight, will nominate 10 directors

PUBLISHED TUE, AUG 13 2024 • 5:33 PM EDT UPDATED 3 HOURS AGO

Rohan Goswami
@IN/ROHANGOSWAMICNBC/
@ROGOSWAMI

Leslie Josephs
@LESLIEJOSEPHS

KEY POINTS
• Elliott will launch a proxy fight at Southwest Airlines and will nominate 10 directors to the company’s 15-person board.
• Elliott has an 11% stake in the airline through stock and derivatives.
• The activist needs to own 10% of the company’s common stock to call a special meeting.



A Southwest Airlines Boeing 737-7Q8 takes off from {snip} Washington National Airport in Arlington Virginia on August 13, 2024.
Daniel Slim | Afp | Getty Images

Elliott Management will launch a proxy fight at Southwest Airlines, and intends to nominate as many as 10 directors to the company’s 15-person board, the activist said Tuesday evening, a long-expected move following weeks of back and forth between the airline and the investor.

Elliott plans to call a special meeting, rather than waiting for the company’s annual shareholder meeting. Southwest’s last shareholder meeting was held in May.

{snip}

[peppertree]

1. "Elliott"? They mean that money-laundering vulture Paul Singer

I recall that when he was busy trying to swipe $2 billion from Argentina a decade ago (in which he ultimately succeeded - by bribing a Nixon judge and Trump's pal Macri), the business rags always referred to him as "Elliott."

Especially the New York Times - which he allegedly helped bail out (which explains a lot).

I suppose it's pronounced E-lie-a-lot.