Elliott Requests Special Meeting at Southwest Airlines.

SOUTHWEST Airlines Co. LUV

Elliott Investment Management has requested a special shareholder meeting at Southwest Airlines, marking its first US proxy fight since 2017. Elliott has nominated eight directors to the Southwest board in an effort to replace the same number of incumbents. Southwest has responded by stating that it has made efforts to reach a resolution with Elliott and that the special meeting request is unnecessary. Southwest's shares fell 0.8% in response to the news. Elliott is known for being an influential boardroom agitator but rarely takes matters to shareholder votes. This is its first request for a special meeting since its founding in 1977. Southwest has seen a decline in its stock performance over the past three years, prompting Elliott to call for strategy and leadership changes. In September, Southwest announced the departure of six board members and a plan to add $4 billion of operating profit by 2027. Elliott has reduced the number of board nominees to reflect the smaller board size. [Extracted from the article]

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