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Filed as DFAN14A by Elliott. Authors signed: John Pike (Partner) and Bobby Xu (Portfolio Manager). Deck co-opts Southwest's blue + yellow visual identity into the 'Stronger Southwest' brand — a notable rhetorical move (presents itself as a friendly turnaround plan rather than an attack). Strong CEO-quote-contradiction tables (Bob Jordan calling each declining quarter 'great' / 'strong' / 'record'). Peer-gap and TSR-bottom-decile framing throughout. Page-numbering note: deck slide 1 is PDF page 12; notable_slide_pages use PDF page numbers. Outcome (factual, post-cutoff): Elliott won — Gary Kelly stepped down as Executive Chairman, Bob Jordan retained but Board reconstituted, Southwest later announced assigned seating and bag fees — i.e., reversed several 'absolutely never' positions Elliott highlighted on slide 31. Leaving campaign_outcome unknown per extraction-time policy.", "kpisCited": [ { "detail": "Bottom 5% of S&P 500; -50% market cap; -43 to -83 pts vs. AAL/DAL/UAL/SPX", "metric": "Total shareholder return (3-year)" }, { "detail": "Southwest -48% ($4.5B → $2.4B) while DAL +23%, UAL +30%, AAL +/-flat", "metric": "2024E EBITDAR vs. 2018" }, { "detail": "~1,000 bps below industry leader (Deutsche Bank, Oct 2023)", "metric": "EBITDAR margin gap" }, { "detail": "8 negative revisions in last 18 months (per July 8 letter)", "metric": "Guidance revisions" }, { "detail": "$16B today, down from $41B in 2017; aircraft market value alone ($17B) exceeds total EV", "metric": "Enterprise value" }, { "detail": "22% (#1); #1 in 22 of top 50 cities, #2 in another 10", "metric": "Domestic market share" }, { "detail": "Top 8 executives average 25+ years at Southwest; only one has any other-airline experience (3 yrs)", "metric": "Executive tenure" }, { "detail": "16 net downgrades, 0 upgrades since YE 2022", "metric": "Analyst sentiment" }, { "detail": "Stock underperformed peers on 17 of last 20 significant earnings events", "metric": "Earnings event reaction" }, { "detail": "19% (best-in-class), vs. status-quo 11% — +800 bps gap", "metric": "2025E EBITDAR margin (target)" }, { "detail": "$49 (base case) at 19% EBITDAR margin and 4.8x peer-average TEV/EBITDAR", "metric": "Implied share price" }, { "detail": "$110M (2023) → $901M under Stronger Southwest plan (~$790M annual increase)", "metric": "Annual employee profit sharing" } ], "closingAsk": "Southwest should begin the process of change immediately — announce leadership change, appoint new directors with outside-airline expertise, search externally for a new CEO and launch a comprehensive business review — so the Company can update shareholders on its go-forward strategy by year-end 2024.", "extraction": { "at": "2026-04-23 01:40:19+00", "model": "unknown-legacy", "runId": null, "seconds": 230.3687, "promptVersion": null }, "scqaReward": "Restoring 19% best-in-class EBITDAR margins drives a $49 share price within 12 months — 77% upside — and lifts annual employee profit sharing by ~$790M.", "thesisTypes": [ "management_change", "governance_board", "operational_turnaround", "multiple_rerating" ], "top3Reasons": [ "Southwest has lost >50% of market value in three years; 2024 EBITDAR will be ~50% below 2018 while peers exceed it", "Insular leadership (74 combined years at Southwest, zero outside-airline experience) refuses to evolve a dated commercial model", "Restoring best-in-class 19% EBITDAR margins under new leadership yields a $49 share price — 77% upside" ], "scqaSituation": "Southwest is the largest U.S. domestic carrier — 22% passenger share, 819 aircraft, 137M customers and 47 consecutive years of profitability built on Herb Kelleher's pioneering low-cost model.", "thesisSummary": "Elliott has built a ~11% / $1.9B stake in Southwest Airlines and argues the legendary low-cost carrier has squandered its operational legacy under Executive Chairman Gary Kelly and CEO Bob Jordan — insiders with 38 and 36 years at the company and zero external airline experience. While the U.S. industry posts record post-COVID profits, Southwest's 2024 EBITDAR is tracking ~50% below 2018, the stock has lost more than half its value in three years and now trades below March 2020 lows, and the market value of its aircraft alone ($17B) exceeds the company's entire enterprise value. Elliott calls for refreshing the Board with directors who have outside-airline expertise, hiring an external CEO, and running a comprehensive Board-level business review of commercial strategy, unit costs, network and technology. Restoring 19% best-in-class EBITDAR margins drives a $49 share price — 77% upside.", "primaryDemands": [ "Reconstitute the Board with independent directors who have external airline, customer-experience and technology expertise", "Retire the Executive Chairman role and replace CEO Bob Jordan with an external hire from outside Southwest", "Form a Board-level committee to run a comprehensive business review of commercial strategy, unit costs, network and technology", "Reverse the July 3 'poison pill' adopted to block Elliott from going above 12.5%" ], "scqaResolution": "Refresh the Board with truly independent directors with external airline experience, hire a new CEO from outside Southwest, and run a comprehensive board-level review of commercial strategy, unit costs, network and technology.", "thesisOneLiner": "Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.", 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Southwest’s share price has declined by more than 50% in the past three years and has now fallen below the levels at which it traded in March 2020, during the depths of the COVID-related travel shutdowns. 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The feedback has been overwhelmingly consistent with our perspective that the Company's performance is unacceptable and that leadership change is required.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:06.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93e09c0e-6fbc-4b71-adda-879fbc8787a8", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.299, "x": 0.118, "y": 0.128 }, "kind": "paragraph", "text": "July 8, 2024. The Board of Directors, Southwest Airlines Co.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:06.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaae0e03-b8f2-42dc-b272-90703a82fc6f", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.252 }, "kind": "paragraph", "text": "Dear Members of the Board, We write to you again on behalf of Elliott Associates, L.P. and Elliott International, L.P. ... The purpose of today's letter is to summarize the feedback we have received and the key events that have occurred since the publication last month of our letter and presentation on the urgent need for leadership change at Southwest Airlines.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:06.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec1ceed6-6d11-402f-87c8-6eacee1d8cb8", "parentComponentId": null }, { "bbox": null, 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null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d0-753e3c816bb5", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "Since the release of our letter, we have spoken with numerous shareholders representing a significant percentage of Southwest's shareholder base. While these conversations have been confidential, we can characterize the sentiments expressed by these shareholders as being overwhelmingly supportive of leadership change. This was well illustrated by the public support for our campaign offered by Southwest shareholder Artisan Partners on June 12, when it called on the Board to \"reconstitute itself and upgrade the Company's leadership such that it can objectively assess the best path forward for Southwest's shareholders, employees, and customers. We believe this process needs to commence immediately.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26de4852-ca94-44fc-8e1c-dc4e17fdc0d5", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "simply, we are seeking to strengthen oversight, upgrade management and improve Company performance. Preventing shareholders who do not support the Company's failed leadership and oversight from purchasing additional stock reflects exceptionally poor governance and underscores the immediate need for accountability at Southwest. This is the worst kind of governance – a shield for failure and a sword for nothing except the fees of advisers who propose these anti-shareholder devices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f61f8df-aa7c-45c8-8146-d06306a94d50", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.605 }, "kind": "paragraph", "text": "Other conversations echoed the feedback we received in the shareholder survey we commissioned before publishing our views. Below, we have included a representative sample of perspectives shared by some of Southwest's largest investors as part of the survey, with such sentiments having been confirmed in our most recent discussions:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "451b6e2c-6779-49d8-874a-4592b2a29a87", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.218 }, "kind": "paragraph", "text": "In light of these actions, we have become increasingly concerned by the \"self-help\" half-measures that the Board appears to be contemplating and adopting, none of which will do anything to allay the lost credibility of Southwest's management. Elliott does not make calls for leadership change lightly or without regard to potential consequences. In this instance, given the long record of falling short and the deep loss of confidence in Southwest's leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b01f4443-fa8a-4427-a029-e046feb3ec76", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.385 }, "kind": "paragraph", "text": "The feedback we have received since releasing our materials on June 10 underscores a profound lack of confidence in Southwest's leadership, strategy and performance, and has reinforced our conclusion that Board and leadership change is necessary to put Southwest on the right path.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed0f5d6a-2134-437f-a3ba-d57ac6925373", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.73 }, "kind": "quote", "text": "\"I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. 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Firing him is the tailwind.\" – Top 10 Active Shareholder", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71bfedf7-5a5e-403d-87c7-a76c9418dff0", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.79 }, "kind": "quote", "text": "\"They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... 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"slide": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/8", "deck": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, 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Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. 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Following years of complacency and – to paraphrase the Company’s own words in announcing its latest failure to meet guidance – a total inability to adapt to the complexity of the current airline operating environment, shareholders simply do not believe this Board and management team are capable of devising and executing a bold new plan to turn around Southwest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8df69899-b054-4ccf-96cc-2cfeab9fca71", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.6 }, "kind": "paragraph", "text": "This candid feedback is only a small sample of what we have received so far. We believe sentiment regarding Southwest’s Board and management is particularly negative among these constituents because, in their view, Southwest’s leadership has ignored their feedback for years and stood idly by as the Company’s performance deteriorated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf0dcd2b-0160-409b-b358-8d14e5e0b9ce", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.48 }, "kind": "quote", "text": "“As a SWA employee of more than 23 years, I am in complete agreement with your analysis. 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When I started at Southwest in 1997, it was ‘us against the world!’ Now it’s every man for himself as our famous culture is dying a slow, painful death. 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This Board, however, refuses to hold itself and the management team accountable for the long-term value destruction endured by Southwest’s shareholders. Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. 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>50% of passengers fly on routes where Southwest has 60% or greater share", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:07.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b7fd44d-ff39-47f5-88f0-2f2ab0dc1a81", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.08, "y": 0.25 }, "kind": "list", "text": "Leading Domestic Carrier: Largest domestic carrier in the U.S. by passenger volume; Supported by a fleet of 819 aircraft and nearly 75,000 employees", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:07.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f139cff-97c3-47b1-9082-1de9be844077", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Domestic Market Share: 22%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d1-1ae597a62143", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.08, "y": 0.16 }, "kind": "paragraph", "text": "Southwest is the largest domestic carrier in the U.S., serving more than 137 million customers across a network of 121 destinations in 2023", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:07.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc67d486-7a9b-4aeb-b97d-f73d6393eb7c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.08, "y": 0.92 }, "kind": "source-note", "text": "Source: Company filings, Cirium as of 6/7/2024. 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Southwest has served nearly 3 billion passengers since commencing service in 1971.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:11.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "033ac71f-8e29-4741-9664-0ea4f913415a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.2, "x": 0.3, "y": 0.4 }, "kind": "list", "text": "Best-in-Class Efficiency: Simple, highly efficient operation created a strong cost advantage versus legacy carriers. Low-cost model allowed for low fares which facilitated Southwest's growth.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:11.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ae9643b-c510-41e8-9faf-0c6cfa49f92f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.2, "x": 0.08, "y": 0.4 }, "kind": "list", "text": "Innovative Model: Began service in 1971 with a highly innovative model, offering no-frills, low-cost air travel. 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Poor cost control undermines Southwest's competitive positioning as a low-cost carrier", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d04be691-2830-44dd-b977-3ddc2a9eaf57", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.6, "y": 0.75 }, "kind": "quote", "text": "When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07ec32b9-8200-452e-9374-a1b0f5c80368", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.6, "y": 0.25 }, "kind": "quote", "text": "Southwest has lost the passion for low-cost, low-fare air travel.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9de9f04a-287d-4ecf-b6b8-d6a5e06fbc9b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.6, "y": 0.4 }, "kind": "quote", "text": "Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4df195f-c4e8-467a-b2bd-fba8993719b4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.6, "y": 0.6 }, "kind": "quote", "text": "Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7f818a4-d387-4a00-88d1-8a716ed6ba50", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Southwest has lost the passion for low-cost, low-fare air travel.\" — Ryanair CEO Michael O'Leary, March 2024; \"Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)...\" — Melius, January 2024; \"Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others.\" — J.P. 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LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6336a584-d46c-4db5-a315-fd8d587702da", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.46 }, "kind": "quote", "text": "...What might you consider strategically or put on the table that hasn't been on the table before? ... If you have lagging margins, it may require a harder look.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "722edec9-24ab-4879-b626-ab6b7a62e52a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.38 }, "kind": "quote", "text": "Everything [they're] doing is incremental. [They] need to make radical changes.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a58c596-27bb-4629-8627-4c0a223642b2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.25 }, "kind": "quote", "text": "Quite frankly, I think [regaining the high ground] is going to require evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad11937b-bdf5-4499-bc6b-9aca92703723", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.57 }, "kind": "quote", "text": "There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be4abe64-7605-4934-bb3c-8fd6aec32a01", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... 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"x": 0.08, "y": 0.75 }, "kind": "quote", "text": "Exiting of competitive hub airports drives questions of long-term competitiveness of Southwest's dated commercial strategy... [We] are concerned Southwest may need a strategic overhaul...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16404573-cef8-448c-9413-823c3b394e69", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.75 }, "kind": "quote", "text": "They put out all this schlock about 'our passengers are our guests, and you wouldn't want to charge your guests for their bags,' but why do you charge for the seats if that's the case? Give it all away for free.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:10.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16a71a7c-51de-44fc-8126-0444a51bd0b2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We are not looking at assigning seats right now. We are not talking about assigning seats now, and we’re not talking about looking at it at some time in the future.” — Southwest Management; “I think things like curtains and things like that are a bit far afield from [who] Southwest Airlines is.” — Southwest Management; “You’re not going to see basic economy from Southwest. That’s not what we do.” — Southwest Management; “Absolutely never” — Southwest Management; “Exiting of competitive hub airports drives questions of long-term competitiveness of Southwest’s dated commercial strategy... [We] are concerned Southwest may need a strategic overhaul...” — Barclays, April 2024; “They put out all this schlock about ‘our passengers are our guests, and you wouldn’t want to charge your guests for their bags,’ but why do you charge for the seats if that’s the case? 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The letter also highlighted that disappointing financial performance has cost each frontline employee tens of thousands of dollars on average in the form of lower profit sharing and declines in the value of employee-owned stock.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.737+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "593e11d2-ece8-4641-b2e6-850865688e5e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "WEST PALM BEACH, FLA. 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The Board of Directors, Southwest Airlines Co., 2702 Love Field Drive, Dallas, Texas 75235. 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(July 8, 2024) – Elliott Investment Management L.P. (and its affiliates, “Elliott”), today sent a letter to the Board of Southwest Airlines Co. (NYSE: LUV) (the “Company” or “Southwest”) summarizing the feedback received and key events that have occurred since the publication last month of Elliott’s initial letter and presentation calling for leadership change.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f5b9f72-561a-4fd4-8db4-5ecc43628563", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.12, "y": 0.15 }, "kind": "paragraph", "text": "Media Contact: Casey Friedman, Elliott Investment Management L.P. (212) 478-1780 cFriedman@elliottmgmt.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cfa3082-df33-4266-9896-f8f0e585d196", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.32 }, "kind": "paragraph", "text": "Has Received Overwhelmingly Supportive Feedback about Call for Leadership Change. Responds to Company's Adoption of Shareholder-Unfriendly “Poison Pill”. Reiterates Measures Necessary to Improve Performance. Letter is available at StrongerSouthwest.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96e5a2de-fd7f-449c-980c-5fd9201b1736", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.66 }, "kind": "paragraph", "text": "Elliott noted that the actions of Southwest’s Board of Directors and management team since its Stronger Southwest materials were published have only solidified the case for leadership change. According to the letter, these actions included adopting an antiquated and shareholder-unfriendly “poison pill” to prevent Elliott from increasing its stake above 12.5% on July 3, and appointing a new director to the Board today who appears to have been chosen in part due to his support for the Company’s status-quo leadership and plan. These actions demonstrate how profoundly out of touch Southwest’s Board has become with shareholder sentiment and with the reality of the situation, said the letter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b86966d0-7e98-4229-82ce-6e6afb32d1c6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.57 }, "kind": "paragraph", "text": 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This announcement marked the eighth guidance reduction in the last 18 months.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca5fba9e-6ec2-42c3-9842-756ca799e22c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.48 }, "kind": "paragraph", "text": "We write to you again on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, with its affiliates, “Elliott” or “we”). The purpose of today’s letter is to summarize the feedback we have received and the key events that have occurred since the publication last month of our letter and presentation on the urgent need for leadership change at Southwest Airlines (“Southwest” or the “Company”).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2da3be19-cf15-4c26-aeba-14a4d5e0b067", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "Elliott again outlined the following path to a higher-performing future for Southwest: 1. Enhance the Board of Directors 2. Upgrade Leadership 3. Undertake a Comprehensive Business Review", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92f5a711-bbeb-48b5-a600-ba1059fe51ef", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "Elliott indicated that it is open to collaborating with the Board on a path forward, but absent alignment Elliott intends to move expeditiously to give shareholders a direct say on the necessary leadership changes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ed62ccd-cf1e-4b64-abdc-4a780fee3418", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.32 }, "kind": "paragraph", "text": "The full text of the letter follows: July 8, 2024 The Board of Directors Southwest Airlines Co. 2702 Love Field Drive Dallas, Texas 75235 Dear Members of the Board,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6aee1d2-a588-4187-ae16-3701ca7dc4bf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "paragraph", "text": "The letter can be downloaded at StrongerSouthwest.com.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e72bda09-419a-4e62-8a29-47a870ad5a28", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.6 }, "kind": "paragraph", "text": "Since publishing our views on June 10, we’ve had the opportunity to engage with shareholders, equity research analysts, industry executives and current and former employees. Many new institutions and individuals have reached out to us, providing us with new sources of insight and information, and this trend is continuing. The feedback has been overwhelmingly consistent with our perspective that the Company’s performance is unacceptable and that leadership change is required to return Southwest to its once-leading position in the industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.406+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff39d201-2cbc-49cb-9438-b7556c866160", "parentComponentId": null } ], "metrics": [], "tools": [], 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"elementsJson": [ "bullet_list", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:14.969+00", "seconds": 3.716, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/72", "deck": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Preventing shareholders who do not support the Company's failed leadership and oversight from purchasing additional stock reflects exceptionally poor governance and underscores the immediate need for accountability at Southwest.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted 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We believe this process needs to commence immediately. — Artisan Partners", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d6-131b807284e8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.11, "y": 0.53 }, "kind": "title", "text": "Shareholder Feedback Supports 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Firing him is the tailwind.\" — Top 10 Active Shareholder; \"I would rate them as the worst-performing management team in the airlines.\" — Top 10 Active Shareholder; \"They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest.\" — Top 10 Active Shareholder; \"I have zero confidence this team can get this right and certainly not in the timeframe that is needed.\" — Top 10 Active Shareholder; \"Having the current CEO drive the process for a new strategy is not a good idea.\" — Top 10 Active Shareholder; \"You need a really different leader to right the ship.\" — Top 10 Active Shareholder; \"I don’t think this is the right CEO to lead the company and I would view his removal positively.\" — Top 10 Active Shareholder; \"So it is really [the CEO] has not done a good job running the company.\" — Top 10 Active Shareholder", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d6-52a719135248", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 74, "type": "evidence", "title": "The slide uses external validation (quotes) to build a case for leadership change.", "function": "illustrate_case", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 2784, "nDataPoints": 0, "notes": "The slide uses external validation (quotes) to build a case for leadership change.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:15.599+00", "seconds": 4.133, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/74", "deck": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In addition to hearing from shareholders, we have received feedback on our views both publicly and privately from some of Southwest’s employees.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d6-604adfecf1cf", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "In addition to hearing from shareholders, we have received feedback on our views both publicly and privately from some of Southwest’s employees. For an illustrative example of the feedback we’ve heard, consider the sentiments expressed by SWAPA’s leadership on July 1:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "117b6106-9019-4a04-b243-d1366f52e178", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.43 }, "kind": "paragraph", "text": "In addition to this sort of public commentary, we have also received a deluge of unsolicited private expressions of support from individuals representing themselves as current and former employees of Southwest – many of whom were in strong agreement with our analysis of the Company’s recent performance and our calls for change:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb1a6bc3-25cd-4cf1-b1d6-2a7da0b01906", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "quote", "text": "“I am a former 21 year employee retiree and stock holder of SWA who completely agrees with your perspective of current senior management at SWA. [Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes.” – Former Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "080f8272-ea42-45af-94fd-9060d39ea845", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "quote", "text": "“I’m a retired Southwest Captain... our famous culture is dying a slow, painful death. I believe it can be fixed, and I’m hoping you and your group can make it happen.” – Former Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26741c20-2212-4d6c-a284-ef59c03e1d23", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "quote", "text": "“We see the numbers... We have years of disdain from leadership... And here we are with an activist investor basically saying everything we’ve said... There’s not a concern for the employees.” – SWAPA Leadership, The SWAPA Number Podcast (July 1)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60731876-e819-44d9-916f-e53c7912aacd", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "quote", "text": "“Not only do I have a vested interest in the success of the company... Without any doubt I agree that a new leadership team is needed.” – Current Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cf84ac5-67df-4724-a9b1-8a7eea328c42", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "quote", "text": "“As a SWA employee of more than 23 years, I am in complete agreement with your analysis. I have been screaming this for 15 years.” – Current Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a4382c8-263f-454a-a52a-1accccce6fda", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We see the numbers, not just every quarter when we have the board meeting here, but we know where the trajectory has been. Then actually when we meet with Bob Jordan and Andrew Watterson, we bring these concerns up... We have years of disdain from leadership, and that’s how labor has been treated... I mentioned the word disdain before and I’m going to say it again because that’s the only way that really we can describe how labor has been treated and SWAPA and our data-driven analysis has been treated. It’s been disregarded. And here we are with an activist investor basically saying everything we’ve said... Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t.” — SWAPA Leadership, The SWAPA Number Podcast (July 1)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d6-644ffedce607", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "title", "text": "Other Constituents Have Also Expressed Deep Concerns with Southwest’s Leadership", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a4cedcf-0794-461a-8f93-dd26bcaa5088", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 75, "type": "setup", "title": "This is a text-heavy slide outlining the rationale for board reconstitution.", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 8, "textChars": 3377, "nDataPoints": 0, "notes": "This is a text-heavy slide outlining the rationale for board reconstitution.", "elementsJson": [ "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:16.283+00", "seconds": 4.444, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/75", "deck": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d5-f97d08512ba6", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.764, "x": 0.118, "y": 0.618 }, "kind": "list", "text": "1. Board Changes: Elliott has identified a number of highly qualified former airline executives and other industry leaders with relevant experience who are eager to serve on Southwest's Board. These individuals are independent from Elliott and have a demonstrated track record of value creation in their former roles. We believe each would be highly additive to the Board, and unlike the individual added to the Board today, their appointment would not be conditioned on support for the status-quo leadership and plan. Rather, they would join the Board with an open mind and would evaluate the business and its leadership without any preconceived commitments or allegiances. The Company should immediately begin the process of working with us to reconstitute the Board to include these leaders. We believe shareholders will strongly agree that these individuals' expertise stands in stark contrast to the existing Board's demonstrated lack of independence and relevant experience, which has resulted in years of deteriorating performance with no accountability for management. Additionally, as we have conveyed to you, we believe the role of Executive Chairman should be retired and Southwest should appoint an independent chair from outside the Company.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc7597f2-14e5-411e-bd53-7bcd16fb79c9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.764, "x": 0.118, "y": 0.565 }, "kind": "paragraph", "text": "We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50376d6c-65ef-491c-8b4e-9a3f480dbeec", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.764, "x": 0.118, "y": 0.478 }, "kind": "paragraph", "text": "Simply put, investors do not want to see a new plan from the same leadership team whose record at the Company has been one of failure. They want new leaders who will bring outside perspectives and proven expertise to the task of preserving all that was great about Southwest while charting a higher-performing future for the airline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "686e1224-7d88-476e-8887-2f34af9e66fc", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.764, "x": 0.118, "y": 0.358 }, "kind": "paragraph", "text": "In fact, one of the biggest risks we see to Southwest in the short term would be the announcement by the Board of a package of half-measures with the objective of further entrenching itself and avoiding more fundamental change – such as, for example, replacing the current CEO without running a comprehensive search process. Such unilateral measures, developed hurriedly and lacking the buy-in of shareholders, are the very definition of \"short-term thinking\" and will inevitably lead to worse performance over time.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ac61e76-5478-4177-a926-2ac405da007c", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.764, "x": 0.118, "y": 0.218 }, "kind": "paragraph", "text": "While it appears that the Company is now finally considering certain piecemeal changes in the face of public pressure from Elliott, it is crucial that the Board understand that Southwest's leadership has already lost the trust of its shareholders. Following years of complacency and – to paraphrase the Company's own words in announcing its latest failure to meet guidance – a total inability to adapt to the complexity of the current airline operating environment, shareholders simply do not believe this Board and management team are capable of devising and executing a bold new plan to turn around Southwest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a578a22-4f5a-4a29-9b1e-bf9f21cf9b99", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "This candid feedback is only a small sample of what we have received so far. 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Upgraded Leadership: The Company should immediately announce a CEO transition and select an interim CEO who can earn the trust of investors. 3. Comprehensive Business Review: Following a Board refresh and the appointment of a highly qualified and credible new CEO, Southwest would be well positioned to develop and execute a new strategy to restore the airline to industry-leading performance.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e08e3bf-fce1-4ad4-8a03-f008649d872b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.1, "y": 0.8 }, "kind": "other", "text": "Sincerely, John Pike Partner, Bobby Xu Portfolio Manager", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cfac115-c74f-4b87-a8a3-6074f5ce2dfe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.37 }, "kind": "paragraph", "text": "As one of the Southwest’s largest investors, Elliott is focused on the sustainable, long-term success of the Company. This Board, however, refuses to hold itself and the management team accountable for the long-term value destruction endured by Southwest’s shareholders. Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. 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Based on the feedback we have received to date, we believe our fellow shareholders will be equally committed to supporting that new direction. 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(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.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b2f6ac2-805f-4f64-bb46-8aec7b953783", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.115, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "About Elliott", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8ef868e-e0ff-4dc5-afde-6b141b9b2afb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 78, "type": "setup", "title": "This is a standard activist investor press release/disclosure page.", "function": "front_matter", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 813, "nDataPoints": 1, "notes": "This is a standard activist investor press release/disclosure page.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:14.786+00", "seconds": 2.671, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/78", "deck": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Too little, too late is not a strategy. It’s time for new leadership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94d6-272e5a2b38cf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.35, "y": 0.08 }, "kind": "image", "text": "ELLIOTT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12a2ca57-0270-4117-81c5-4d2686c1ce98", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "Southwest’s announcement of revenue-enhancement initiatives... It’s time for new leadership.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d3434be-93f7-4959-a1fa-d14b745d5aeb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "Media Contact: Casey Friedman, Elliott Investment Management L.P. (212) 478-1780 cFriedman@elliottmgmt.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "942fe550-13d1-48bf-80a9-be50e2fb21a6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "WEST PALM BEACH, FLA. (July 25, 2024) – 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. 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(together with its affiliates, “Elliott”) manages approximately $65.5 billion of assets as of December 31, 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7c2c17b-1e50-4e83-bbdf-c6bb8f97e8c8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.26 }, "kind": "title", "text": "Elliott Statement on Southwest Airlines’ Revenue Enhancement Initiatives", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddfab7c4-7607-479d-ae80-eda7f42801c7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 38, "to": 38, "label": "Problem Statement", "description": "The document clearly states the problem: Southwest requires decisive action and stronger oversight to restore confidence." }, { "from": 40, "to": 45, "label": "Expose Contradiction", "description": "The document highlights contradictions in Southwest's leadership and performance." }, { "from": 52, "to": 57, "label": "Propose Solution", "description": "The document proposes a solution: a comprehensive business review, new leadership, and strategic changes." } ], "loops": [ { "from": 16, "to": 24, "label": "Logic Chain", "description": "To present an analysis of Southwest's challenges and opportunities" }, { "from": 34, "to": 39, "label": "Cost Of Inaction", "description": "To highlight the cost of inaction" } ] }