Southwest Airlines adds industry veteran Gangwal to board amid pressure from Elliott

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Rakesh Gangwal اخبار

Southwest Airlines,Activist Investor,Aviation Industry

Gangwal — who co-founded InterGlobe Aviation, the operator of India's largest airline IndiGo — has also served on the boards of US Airways Group, CarMax and ...

- Southwest Airlines has appointed aviation industry veteran Rakesh Gangwal to its board of directors, it said on Monday, as increasing pressure from activist investor Elliott pushes the U.S. budget carrier to take defensive measures.

Elliott, known for pushing for a change to boost shareholder returns, had called for a reconstitution of Southwest's board with "new, truly independent" directors possessing expertise in airlines, customer experience and technology.The activist investor had also called for a leadership change citing Southwest's disappointing financial results.

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Investment firm Elliott takes US$1.9-billion stake in Southwest Airlines, is seeking to oust CEOIn a letter to the airline’s board, the investment firm complained that Southwest’s stock price has dropped more than 50% in the last three years
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