DALLAS, Nov. 4, 2024
/PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV)
("Southwest" or the "Company") today announced the appointment of
Rakesh Gangwal as independent Chair
of the Board of Directors and named new Board Committee Chairs,
effective immediately:
- Lisa Atherton will serve as
Chair of the Compensation Committee
- Douglas Brooks will serve as
Chair of the Audit Committee
- David Hess will continue to
serve as Chair of the Safety and Operations Committee
- Chris Reynolds will serve as
Chair of the Nominating and Corporate Governance Committee
- Gregg Saretsky will serve as
Chair of the Finance Committee
Gangwal said, "We are embarking on the next era of change
at Southwest as we build upon its many successes and storied past.
Our critical priority as a newly constituted Board is to come
together to work closely with Bob
Jordan and the rest of the management team to return the
carrier to superior financial performance."
Bob Jordan, President, Chief
Executive Officer, & Vice Chairman of the Board, said, "On
behalf of the entire Company, I look forward to working with our
new Board as we execute our plan and deliver for our Shareholders.
I especially want to thank our People for their unwavering
commitment to each other and to providing exceptional service to
our Customers. Our People are at the Heart of Southwest's Culture
and what separates us from the competition."
Additional Board information and Membership appointments are
available on the Investor Relations section of the Southwest
Airlines website.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Specific forward-looking statements include, without
limitation, statements related to returning the carrier to superior
financial performance, executing on the Company's plan, delivering
for shareholders. These forward-looking statements are based on the
Company's current estimates, intentions, beliefs, expectations,
goals, strategies, and projections for the future and are not
guarantees of future performance. Forward-looking statements
involve risks, uncertainties, assumptions, and other factors that
are difficult to predict and that could cause actual results to
vary materially from those expressed in or indicated by them.
Factors include, among others, the impact of fears or actual
outbreaks of diseases, extreme or severe weather and natural
disasters, actions of competitors, consumer perception, economic
conditions, banking conditions, fears or actual acts of terrorism
or war, sociodemographic trends, and other factors
beyond the Company's control, on consumer behavior and the
Company's results of operations and business decisions, plans,
strategies, and results; (ii) the Company's ability to timely and
effectively implement, transition, operate, and maintain the
necessary information technology systems and infrastructure to
support its operations and initiatives, including with respect to
revenue management and assigned and premium seating; (iii) the cost
and effects of the actions of activist shareholders;
(iv) the Company's ability to obtain and maintain
adequate infrastructure and equipment to support its operations and
initiatives; (v) the impact of fuel price changes,
fuel price volatility, volatility of commodities used by the
Company for hedging jet fuel, and any changes to the Company's fuel
hedging strategies and positions, on the Company's business plans
and results of operations; (vi) the Company's
dependence on The Boeing Company ("Boeing") and Boeing suppliers
with respect to the Company's aircraft deliveries, Boeing MAX 7
aircraft certifications, fleet and capacity plans, operations,
maintenance, strategies, and goals; (vii) the Company's dependence
on the Federal Aviation Administration with respect to safety
approvals for the new cabin layout and the certification of the
Boeing MAX 7 aircraft; (viii) the Company's dependence on other
third parties, in particular with respect to its technology plans,
its plans and expectations related to revenue management,
operational reliability, fuel supply, maintenance, Global
Distribution Systems, and the impact on the Company's operations
and results of operations of any third party delays or
nonperformance; (ix) the Company's ability to timely and
effectively prioritize its initiatives and focus areas and related
expenditures; (x) the impact of labor matters on the
Company's business decisions, plans, strategies, and results;
(xi) the impact of governmental regulations and other
governmental actions on the Company's business plans, results, and
operations; (xii) the Company's dependence on its
workforce, including its ability to employ and retain sufficient
numbers of qualified Employees with appropriate skills and
expertise to effectively and efficiently maintain its operations
and execute the Company's plans, strategies, and initiatives; and
(xiii) other factors, as described in the Company's
filings with the Securities and Exchange Commission, including the
detailed factors discussed under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023.
About Southwest Airlines Co.
Southwest Airlines Co. operates one of the world's
most admired and awarded airlines, offering its one-of-a-kind value
and Hospitality at 117 airports across 11 countries. Southwest took
flight in 1971 to democratize the sky through friendly, reliable,
and low-cost air travel and now carries more air travelers flying
nonstop within the United States
than any other airline1. Based in Dallas and famous for an Employee-first
corporate Culture, Southwest maintains an unprecedented record of
no involuntary furloughs or layoffs in its history. By empowering
its more than 73,0002 People to deliver
unparalleled Hospitality, the maverick airline cherishes a
passionate loyalty among more than 137 million Customers carried in
2023. That formula for success has brought industry-leading
prosperity and 47 consecutive years3 of
profitability for Southwest Shareholders (NYSE: LUV). Southwest
leverages a unique legacy and mission to serve communities around
the world including harnessing the power of its People and Purpose
to put communities at the Heart of its success. Learn more by
visiting Southwest.com/citizenship. As the airline with
Heart, Southwest has set a goal to work toward achieving net zero
carbon emissions by 20504. Southwest has also set
near-term targets and a three-pillar strategy to achieve its
environmental goals. Learn more by visiting
Southwest.com/planet.
1 Based on U.S. Dept. of
Transportation quarterly Airline Origin & Destination Survey
since Q1 2021
2 Fulltime-equivalent active
Employees
3 1973-2019 annual profitability
4 Southwest's net zero by 2050 goal
includes Scope 1, Scope 2, and Scope 3 Category 3 emissions only
and excludes any emissions associated with non-fuel products and
services, such as inflight service items.
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SOURCE Southwest Airlines Co.