A look at Elliott Investment Management, the hedge fund that called out Southwest Airlines leadership this week.
On Monday, the activist investor called out the leadership of CEO Bob Jordan and executive chairman Gary Kelly.Elliott Investment Management, with a $1.9 billion stake in Southwest Airlines
The 11% figure doesn’t happen overnight, he explained. The Securities and Exchange Commission requires investors to legally disclose once they own more than 5% of a company, he said. Activist investors will look for cheap stock prices, evaluate what might be wrong with a company and see if it’s mendable.
Elliott declined to comment further than public disclosures and filings as it does not usually make statements on its investment activities.. The North Texas airline has always had a reputation for a strong culture, business model and low-budget options catering to the passenger’s needs.chief industry analyst at aviation economics firm the Swelbar-Zhong Consultancy. Yet, the airline has continued to hold on to the way it approaches business.
The Southwest Airlines Pilots Association, the union that represents Southwest’s pilots, told members in a memo on June 11 that it was “carefully monitoring the development.” The union will host Wall Street analysts on Thursday in Dallas to expand on the proposal from Elliott. The union has also spoken with Jordan and a representative from Elliott.stating the company was spending too much on massive capital projects and that “commitment to capital discipline will restore investors’ confidence.
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