Southwest Airlines Chairman, Directors To Quit

Southwest Airlines Co. Chairman Gary Kelly is stepping down, along with six directors, in a dramatic move following calls for a strategic overhaul by activist investor Elliott Investment Management, as reported by Mary Schlangenstein for Bloomberg News.

CEO Gary Kelly (right) will "voluntarily retire" from the board and his position as executive chairman immediately after the 2025 annual meeting. I Photo: Southwest Airlines

Kelly, 69, will "voluntarily retire" from the board and his position as executive chairman immediately after the 2025 annual meeting, Southwest said Tuesday in a statement. The six directors will depart after the November board meeting.

Southwest reaffirmed its support for Chief Executive Officer Bob Jordan, whom Elliott has been attempting to oust.

The airline said it presented the changes to Elliott on Monday and invited the firm to be part of the company’s turnaround efforts. Southwest will continue to seek a “collaborative resolution” with the activist investor, which has proposed 10 new directors for the 15-member board.

Elliott stated that the decision by nearly half of Southwest’s board to resign was “unprecedented,” according to Crystal Tse and Ryan Beene, also reporting for Bloomberg News.