Activist investor Elliott trims stake in Southwest Airlines by nearly 20%
LUV•Board changes followed earlier campaign
The pullback comes after two Elliott-backed directors — David Cush, former CEO of Virgin America, and Gregg Saretsky, former CEO of WestJet — stepped down from Southwest's board in February.
Elliott in June 2024 launched a campaign against Southwest, pressing for leadership and board changes at the Dallas-based airline. The two sides reached a settlement in October 2024, under which Southwest added five Elliott nominees to its board.
Elliott reduces Southwest stake in second quarter
Elliott Investment Management reduced its stake in Southwest Airlines LUV.N by 19.9% in the second quarter, according to an SEC filing on Friday, marking its second reduction this year.
The activist investor now owns 24.3 million shares of Southwest. It cut its stake by 40.6% to 30.3 million shares during the first quarter.
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