Southwest Airlines Reiterates Willingness To Meet With Elliott

(RTTNews) - Responding to a letter from Elliott Investment Management L.P, Southwest Airlines Co. (LUV) said it reiterated its willingness to meet with Elliott to further discuss the airline's strategy to enhance value for all Shareholders.

The company said it is thoughtfully reviewing Elliott's letter and presentation and look forward to further conversations with Elliott to better understand its view on the company.

Southwest said it is confident that Southwest Airlines has the right strategy, the right plan and the right team in place to drive long-term value for its shareholders. It is focused on restoring its industry-leading financial performance, the successful execution of its multi-faceted Tactical Action Plan to improve operational performance announced in first quarter 2023, alongside recent technology investments and operational resiliency programs that led to the operation of 99% of scheduled flights in first quarter 2024. The company looks forward to sharing additional detail on its plan at Investor Day in September.

Earlier today, Elliott announced it took a $1.9 billion stake in Southwest Airlines.

In its letter, Elliot mentioned about the poor financial performance of the company due to outdated business software and monetization strategy, poor leadership, and lack of accountability.