WEST
PALM BEACH, Fla., July 25,
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) (the "Company" or "Southwest") and its revenue enhancement
initiatives:
Southwest's announcement of revenue-enhancement
initiatives, purporting to offer assigned seating, premium-seating
options and redeye flights, comes more than a decade late, and
after a 50% decline in its share price over the past three years.
This new plan is being proposed by the same leadership team that
has presided over a series of failed measures to improve
performance, repeated operational missteps and poor financial
results.
Today, Southwest finally conceded that four out
of five customers' preferences went unmet in recent years. These
preferences did not emerge overnight; management simply was not
doing its job.
Elliott has engaged in direct dialogue with
Southwest's Board on the scale and urgency of change needed at the
Company. But this failed leadership team's announced initiatives –
obvious attempts at self-preservation – are simply not credible.
Too little, too late is not a strategy. It's time for new
leadership.
Southwest can do far better, and we look forward
to offering our fellow shareholders an opportunity to elect a Board
of industry leaders that can return Southwest to best-in-class
performance.
For more information about Elliott's investment in Southwest,
please visit StrongerSouthwest.com.
About Elliott
Elliott Investment Management L.P.
(together with its affiliates, "Elliott") manages
approximately $65.5 billion of assets as of December
31, 2023. 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.