WEST
PALM BEACH, Fla., Sept. 10,
2024 /PRNewswire/ -- Elliott Investment Management
L.P. ("Elliott"), today released the following statement on behalf
of Partner John Pike and Portfolio Manager Bobby Xu regarding Southwest Airlines Co. (NYSE:
LUV) ("Southwest") and the actions announced today – including the
resignation of seven directors:
We learned yesterday, which was made public
today, that nearly half of Southwest's Board of Directors had
decided to resign based on shareholder feedback. In our experience,
this is unprecedented.
We are pleased that the Board is beginning to
recognize the degree of change that will be required at Southwest,
and we hope to engage with the remaining directors to align on the
further necessary changes.
The need for thoughtful, deliberate change at
Southwest remains urgent, and we believe the highly qualified
nominees we have put forward are the right people to steady the
Board and chart a new course for the airline.
For more information about Elliott's investment in Southwest,
please visit StrongerSouthwest.com.
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
Elliott Investment Management L.P., together with the other
participants named herein (collectively, "Elliott"), intend to file
a proxy statement and accompanying proxy card with the Securities
and Exchange Commission ("SEC") to be used to solicit proxies with
respect to the election of Elliott's slate of highly qualified
director candidates and other proposals that may come before the
next shareholder meeting of Southwest Airlines Co., a Texas corporation (the "Company"), whether an
annual or special meeting of shareholders.
THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY
TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A
PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO
CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION,
THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT
CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE
DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the solicitation are anticipated to be
Elliott Investment Management L.P. ("EIM"), Elliott Associates,
L.P. ("Elliott Associates"), Elliott International, L.P. ("Elliott
International"), The Liverpool Limited Partnership ("Liverpool"), Elliott Investment Management GP
LLC ("EIM GP"), Paul E. Singer
("Singer"), Michael Cawley,
David Cush, Sarah Feinberg, Joshua
Gotbaum, David Grissen,
Nancy Killefer, Robert Milton, Gregg
Saretsky, Easwaran Sundaram
and Patricia Watson.
As of the date hereof, Elliott has combined economic exposure in
the Company of approximately 11.0% of the shares of its Common
Stock, $1.00 par value per share (the
"Common Stock"), outstanding. As of the date hereof, EIM, the
investment manager of Elliott Associates and Elliott International
(together, the "Elliott Funds") with respect to the shares of
Common Stock held by the Elliott Funds and/or their respective
subsidiaries, beneficially owns 61,116,500 shares of Common Stock.
Additionally, as of the date hereof, the Elliott Funds are party to
notional principal amount derivative agreements in the form of cash
settled swaps with respect to an aggregate of 4,808,000 shares of
Common Stock (the "Derivative Agreements"). Elliott Associates,
Elliott International and Liverpool are the direct holders of the shares
of Common Stock beneficially owned by EIM, and are party to the
Derivative Agreements. Liverpool
is a wholly-owned subsidiary of Elliott Associates. EIM GP is the
sole general partner of EIM. Singer is the sole managing member of
EIM GP. As of the date hereof, Mr. Cawley holds 19,765 shares of
Common Stock, Mr. Cush holds 10,000 shares of Common Stock, Ms.
Feinberg beneficially owns 3,068 shares of Common Stock, including
2,800 shares of Common Stock held directly and 268 shares of Common
Stock held by her domestic partner, Mr. Gotbaum holds 19,162 shares
of Common Stock, Mr. Milton holds 1,953 shares of Common Stock, Mr.
Saretsky holds 4,000 shares of Common Stock, Mr. Sundaram holds
2,073 shares of Common Stock, and Ms. Watson beneficially owns
5,243 shares of Common Stock, including 3,964 shares of Common
Stock held directly and 1,279 shares of Common Stock held by her
spouse.
About Elliott
Elliott Investment Management L.P. (together with its
affiliates, "Elliott") manages approximately $69.7
billion of assets as of June 30, 2024. Founded in 1977,
it is one of the oldest funds under continuous management. The
Elliott funds' investors include pension plans, sovereign wealth
funds, endowments, foundations, funds-of-funds, high net worth
individuals and families, and employees of the firm.
Media Contact:
Casey
Friedman
Elliott Investment
Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com
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SOURCE Elliott Investment Management L.P.