(Reuters) -Elliott Funding Administration has requested for a particular assembly of Southwest Airways (NYSE:) shareholders and nominated eight administrators to the U.S. provider’s board, the activist investor mentioned on Monday.
The hedge fund needs Southwest to vary the best way it runs its enterprise. It has launched a marketing campaign to oust CEO Bob Jordan and different prime executives, blaming them for the airline’s underperformance.
Elliott mentioned it delivered a request to name a particular assembly of shareholders on Dec. 10, confirming an earlier Bloomberg report.
Southwest didn’t instantly reply to a Reuters request for remark.
Southwest Airways, which has been struggling to stay worthwhile because the COVID-19 pandemic, has taken a slew of measures to facilitate a turnaround, together with including seats with extra leg room, and dropping its marquee open seating system.
Final month, the airline unveiled a number of initiatives to shore up sagging earnings, together with partnerships, trip packages for purchasers and plane sale-leasebacks.
However Elliott has mentioned the airline’s plan was “stuffed with long-dated guarantees of higher efficiency,” and referred to as for “credible management”.
