{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-9ff1ba72342f", "slug": "7e68348228d4", "title": "Southwest Airlines (LUV)", "subtitle": "John Pike and Bobby Xu · 2024-08", "author": "John Pike and Bobby Xu", "date": "2024-08-26 00:00:00", "pageCount": 10, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Southwest Airlines", "targetTicker": "LUV", "document": { "id": "019dd923-622c-750b-8b9c-9ff1ba72342f", "slug": "7e68348228d4", "title": "Southwest Airlines (LUV)", "rawTitle": "Open Letter to Southwest Shareholders August 26 2024", "authorId": "02_Elliott_Management", "authorName": "John Pike and Bobby Xu", "authorDisplay": "John Pike and Bobby Xu", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2024-08-Open-Letter-to-Southwest-Shareholders-August-26-2024.pdf", "sourceUrl": "https://StrongerSouthwest.com", "sourceDate": "2024-08-26 00:00:00", "presentationDate": "2024-08-26 00:00:00", "ingestedAt": "2026-04-23 01:40:05+00", "status": "ready", "pageCount": 10, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Southwest Airlines", "targetTicker": "LUV", "metadata": { "local_root": "/tmp/legacy-images/7e68348228d4", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 124.70379114151001 } }, "coverage": { "pageCount": 10, "pagesIndexed": 10, "pagesWithImages": 10, "pagesWithMetadata": 10, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 76, "chartCount": 0, "metricSlides": 0, "toolMatches": 6, "documentToolMatches": 3, "frameworkMatches": 3, "arcMatches": 1, "beatMatches": 4, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "evidence": "The structure follows a clear problem (need for solution), agitation (expose contradiction), and proposed solution (The Right Solutions for Southwest)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:30.071709+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem", "beatId": "dc66894d-bd1d-425b-b3f0-12dbdca58481", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The Need for a Comprehensive Solution", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Agitate", "beatId": "5d2daad4-09aa-44c1-899f-d013b911fd86", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The Need for a Comprehensive Solution", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Solution", "beatId": "00378757-d686-435d-b50a-d70f671d277b", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The Right Solutions for Southwest", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Action", "beatId": "7d77f72d-bfe6-4803-806a-c9020058aaae", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Action", "slug": "aida-action", "status": "active", "canonId": "019dd9b8-1285-74f0-8552-c04c08014586", "version": 1, "description": null }, "evidence": "The Path Forward", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "45783c4c-b803-478a-b996-12570deb1e6c", "evidence": "The Need for a Comprehensive Solution and The Path Forward", "position": 0, "objective": "What is the cost of not changing the board?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:30.240062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e7e95e62-ab73-4b9c-a054-c58a135a8544", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "46621331-93d7-4236-a7ff-5c4a25c25e94", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5193491e-f120-4aa8-8178-3956e816bc96", "evidence": "Bob Jordan (CEO) and Gary Kelly (Executive Chairman)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4ecdb8c8-39a4-4da8-b40a-6f4a209510ed", "evidence": "The challenges Southwest faces today are immense: Years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have caused the Company – and your investment – to decline in value and consistently underperform.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:51.048929+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0295f453-7177-4362-bc6a-be1efe296df7", "evidence": "Mr. Kelly and Mr. Jordan’s go-it-alone strategy has been tried, and it has failed.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:17:51.210499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "695f9fe2-e0c1-482b-86a9-0d6f476b55a3", "evidence": "Southwest is a storied American company that deserves to have the best stewards that its Board can possibly provide.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:17:51.290665+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "513df7df-627f-43c3-abf2-16d940ec1e08", "evidence": "The letter explicitly names Gary Kelly and Bob Jordan as the cause of mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:14.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" }, { "matchId": "21e2bb90-ef72-4e34-bb67-cf2bf4fd96e5", "evidence": "Contrasting management's public rhetoric with financial performance and employee sentiment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "5b04cfcf-7df6-4e80-ae0e-8d19d3706768", "evidence": "Framing Mr. Kelly and Mr. Jordan as the primary obstacle to company success.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Second-stage open letter in Elliott's Southwest campaign — follows the June 2024 13D and July 2024 presentation, precedes the Sept. 9 meeting the letter references. Branded 'StrongerSouthwest.com' microsite with Southwest-style red/yellow/blue swoosh. Pure prose letter; no charts or data visualizations, so visual interest is low but rhetorical craft is high. Notable moves: (1) repeatedly quotes Jordan's own words ('strong... despite the financial results', 'battle for the heart of our company', 'one of many' investors) to expose contradiction; (2) cites third-party validation from Artisan Partners and the Southwest Airlines Pilots Association; (3) frames management's poison pill, sudden assigned-seating announcement, and unilateral board refresh as entrenchment. Appendix (pp.6-9) contains detailed bios of all 10 director nominees — heavily aviation-credentialed (Ryanair, Virgin America, Hawaiian, Air Canada, WestJet, JetBlue). Page 10 discloses ~11% combined economic exposure. Author field carries both signatories (John Pike and Bobby Xu).", "kpisCited": [ { "detail": "Investment in Southwest declined more than 50% over the three years leading up to Elliott's June 2024 disclosure", "metric": "Shareholder return" }, { "detail": "Stock has fallen to depths reached during 2020 COVID-related travel shutdowns", "metric": "Stock price level" }, { "detail": "Eighth guidance reduction in the last 18 months as of June 2024", "metric": "Guidance reductions" }, { "detail": "Q1 2024 included the fifth-worst trading day for Southwest stock in more than four decades", "metric": "Trading day rank" }, { "detail": "~11.0% combined economic exposure (58,088,500 shares + 7,836,000 share-equivalent cash-settled swaps)", "metric": "Elliott economic exposure" } ], "closingAsk": "In the absence of Board leaders rising to the occasion, Southwest's owners should prepare to have a direct say in the Company's future at a special meeting.", "extraction": { "at": "2026-04-23 01:40:05+00", "model": "unknown-legacy", "runId": null, "seconds": 124.70379, "promptVersion": null }, "scqaReward": "A reconstituted board and new leadership would modernize antiquated practices and restore the industry-leading operating and financial performance that long defined Southwest.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Shareholders lost more than 50% over three years under Kelly and Jordan", "Eighth guidance reduction in 18 months reveals failure at basic revenue management", "Incumbent-led board refreshment is an entrenchment sham, not credible governance" ], "scqaSituation": "Southwest is a storied American low-cost carrier whose culture, operational excellence and employee-driven customer service powered industry-leading performance for half a century.", "thesisSummary": "Elliott, holding approximately 11% economic exposure in Southwest Airlines, argues that years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have driven the stock down more than 50% over three years to COVID-era lows, capped by eight guidance reductions in 18 months and a Company admission of failure in basic revenue management. Management's response — a poison pill, hasty ad-hoc moves such as the belated assigned-seating announcement, and a unilateral board-refresh process — is framed as entrenchment rather than engagement. Elliott rejects this sham process and has nominated ten independent directors drawn from low-cost-carrier and airline-turnaround veterans at Ryanair, Virgin America, Air Canada, WestJet and JetBlue. It demands leadership change and a new board-level committee mandated to conduct a comprehensive business review, warning that absent voluntary action it will take the contest to a special meeting where shareholders decide directly.", "primaryDemands": [ "Replace Executive Chairman Gary Kelly and CEO Bob Jordan with new leadership from outside the Company", "Seat Elliott's slate of ten independent director nominees to refresh the Board", "Form a new board-level committee with a mandate for a comprehensive business review and transformational change", "Reject the Company's unilateral, incumbent-led board refreshment process as illegitimate", "Provide shareholders a direct say via a special meeting if genuine engagement fails" ], "scqaResolution": "Replace Kelly and Jordan with external leadership, seat Elliott's ten independent nominees, and stand up a new board-level committee to run a comprehensive business review; otherwise take the contest to a special meeting.", "thesisOneLiner": "Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.", "precedentsCited": [ "Ryanair low-cost-carrier growth (Cawley) — 2,700% TSR", "Virgin America customer-experience turnaround (Cush)", "Hawaiian Airlines Chapter 11 emergence (Gotbaum) — ~600% TSR", "Air Canada and United Airlines repositioning (Milton)", "WestJet commercial strategy evolution (Saretsky) — 100%+ TSR" ], "scqaComplication": "Under Kelly and Jordan, Southwest has lost 50%+ of its value in three years, issued eight guidance cuts in 18 months, and its hand-picked Board is running a sham self-refresh instead of fixing leadership.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 5, 6 ], "peerCompaniesCited": [ "Ryanair", "Virgin America", "Hawaiian Airlines", "Air Canada", "United Airlines", "WestJet", "JetBlue", "Alaska Airlines", "American Airlines" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a classic activist investor 'Dear Fellow Shareholders' letter.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/fneVHRddGay4heysK6zwIliExO0t0qEcRAVb8OqekXA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83ZTY4MzQ4MjI4ZDQvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 467, "nDataPoints": 1, "notes": "This is a classic activist investor 'Dear Fellow Shareholders' letter.", "elementsJson": [ "paragraph", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:14.95+00", "seconds": 2.741, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/1", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The challenges Southwest faces today are immense: Years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have caused the Company – and your investment – to decline in value and consistently underperform its significant potential.", "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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f54-805155904255", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.25, "y": 0.03 }, "kind": "image", "text": "Stronger Southwest", "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 19:55:14.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23df9ef1-1dad-407c-9222-7ba6156a1a6a", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.8, "x": 0.1, "y": 0.12 }, "kind": "paragraph", "text": "August 26, 2024. Dear Fellow Southwest Shareholders, We are writing to you today on behalf of Elliott Investment Management, L.P. ...", "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 19:55:14.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8891b8c6-0f67-4d9c-bed5-0bf680f01d58", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.1, "y": 0.89 }, "kind": "source-note", "text": "1 Please see the Appendix for the bios of our exceptional nominees.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:14.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb4b56ad-8c9b-44cd-80da-b1e8ccf09d61", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4ecdb8c8-39a4-4da8-b40a-6f4a209510ed", "evidence": "The challenges Southwest faces today are immense: Years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have caused the Company – and your investment – to decline in value and consistently underperform.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:51.048929+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "513df7df-627f-43c3-abf2-16d940ec1e08", "evidence": "The letter explicitly names Gary Kelly and Bob Jordan as the cause of mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:14.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/IKCQB6ZEwWq6TJTYurYmamd0n91NxaZ1xlGOx5Gn9vg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83ZTY4MzQ4MjI4ZDQvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/nsoh3ExJv8qJAeLSKdeqSGUW2jencrJudufmfJRxzU4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83ZTY4MzQ4MjI4ZDQvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/8RSGXXulir_Sr6YnTBv6cyJQIrVMwGrtqX0a_DVRlM4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83ZTY4MzQ4MjI4ZDQvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "title": "This is a text-heavy shareholder letter page from Elliott Investment Management regarding Southwest Airlines.", "function": "frame_problem", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 9, "textChars": 1562, "nDataPoints": 0, "notes": "This is a text-heavy shareholder letter page from Elliott Investment Management regarding Southwest Airlines.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:15.295+00", "seconds": 3.06, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/2", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The reality is that today, Southwest needs fresh, proven executive leadership from outside of the Company to restore its once-industry-leading performance and return it to its rightful place atop the airline industry.", "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": "2026-04-22 23:16:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-4754111315e4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.764, "x": 0.118, "y": 0.512 }, "kind": "paragraph", "text": "Southwest's Board still seems unable to grasp how profound the Company's credibility deficit with investors has become. Southwest's investors should not trust a board-refreshment process led by its incumbent 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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39de0f83-129a-43a0-a55f-747feb2a20e0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "paragraph", "text": "We still intend to meet with Southwest on September 9, and we remain hopeful that we will encounter at that meeting a willingness to put the central question of leadership on the table.", "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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "580f9949-4c53-4f08-b74b-dbade283b024", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.838 }, "kind": "paragraph", "text": "The reality is that today, Southwest needs fresh, proven executive leadership from outside of the Company to restore its once-industry-leading performance and return it to its rightful place atop the airline 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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69a1dc5d-4280-41f9-a395-3266e8bc4bea", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.764, "x": 0.118, "y": 0.248 }, "kind": "paragraph", "text": "Since we published our slate of highly qualified proposed candidates to refresh Southwest's Board, Company representatives have attempted – without coordinating with us – to meet with our proposed directors as part of Mr. Kelly's unilateral board refreshment process.", "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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d63f51a9-e85e-4c6e-8147-62865463bd89", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.764, "x": 0.118, "y": 0.605 }, "kind": "paragraph", "text": "But Mr. Jordan failed to mention that we are far from alone in our views: Shortly after we announced our intention to nominate ten highly qualified, independent directors to Southwest's Board, one of our fellow large shareholders, Artisan Partners, took the rare step of immediately and publicly joining our call 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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed2d4cea-0d4f-447c-b8d2-f63f91d30836", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.315, "x": 0.118, "y": 0.808 }, "kind": "quote", "text": "A Battle for the Heart of Our Company", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed53105b-389f-4a80-92e0-95a9707bf186", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“a battle for the heart of our company” — Mr. Jordan", "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": "2026-04-22 23:16:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-4a49387dcf8c", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.426, "x": 0.118, "y": 0.211 }, "kind": "title", "text": "The Right Solutions for Southwest", "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 19:55:15.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d865564-9137-4c87-8d24-5d48b3d33671", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 2, "name": "Solution", "beatId": "00378757-d686-435d-b50a-d70f671d277b", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The Right Solutions for Southwest", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "This is a text-heavy slide from an activist investor letter (Elliott Management) criticizing Southwest Airlines leadership.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 3771, "nDataPoints": 0, "notes": "This is a text-heavy slide from an activist investor letter (Elliott Management) criticizing Southwest Airlines leadership.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:16.826+00", "seconds": 4.527, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/3", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As Southwest’s thousands of hard-working employees know, Southwest’s culture is much bigger than these two individuals – and this culture deserves better stewards.", "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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-1202d0361cec", "parentComponentId": null }, { "bbox": { "h": 0.098, "w": 0.764, "x": 0.118, "y": 0.298 }, "kind": "paragraph", "text": "The culture that made Southwest great was borne of its aspiration to be the best low-cost airline in the United States – and to actually deliver on that goal by achieving superior operational performance, delighting customers and allowing employees to win alongside shareholders. Our mission is to restore this version of Southwest, and our proposed nominees, all leading industry executives, possess a broad range of experiences and skills designed to realize a version of Southwest that would make Herb Kelleher proud.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29facc35-e6ca-4863-865d-7bfc03f4d31b", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.656 }, "kind": "paragraph", "text": "We couldn’t have said it better. As large investors in Southwest with a significant stake in its future, we are confident that a reconstituted Board can find the right executive leaders from outside of the Company who will preserve all of the unique cultural attributes that have made Southwest great while fixing the more recent problems that have caused it to underperform its vast potential.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "460220be-6208-4681-8acc-7602611313ae", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.108 }, "kind": "paragraph", "text": "To be clear, Elliott shares the widely held belief that Southwest’s culture is vital to its continued success. All of Southwest’s shareholders, including Elliott, understand that, and no one wants to change the Company’s commitment to its exceptional employees and its culture of best-in-class customer service, which is what made this airline so beloved in the first place.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eedf2e8-b52b-4750-8fbe-ff22377dcc0e", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.203 }, "kind": "paragraph", "text": "But the underlying message of Mr. Jordan’s recent rhetoric is that the culture of Southwest, which has powered its success for half a century, now seems to solely depend on the continued employment of its two top executives … who happen to be Mr. Kelly and Mr. Jordan. As Southwest’s thousands of hard-working employees know, Southwest’s culture is much bigger than these two individuals – and this culture deserves better stewards.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa21138d-47f3-4e6a-8b44-e9afb57e7e79", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.406 }, "kind": "paragraph", "text": "Mr. Jordan and Mr. Kelly seem to have a very different vision for Southwest and what its culture ought to be. In their version, Southwest stubbornly adheres to antiquated business practices from decades ago because that’s how management has always done things, and when changes are made, they come more than a decade late. In their version, Southwest is outmaneuvered by competitors that have continuously adapted and improved their product offerings to match customer preferences. In their version, a quarter like Q1 of this year, in which Southwest’s stock had its fifth-worst trading day in more than four decades, can be described by Mr. Jordan as “strong … despite the financial results,” while employees’ profit-sharing plans and retirement accounts hemorrhage their money with no relief in sight.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab769eae-36d6-4b57-a4e4-415c18850c9e", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.771 }, "kind": "paragraph", "text": "Southwest’s leadership remains unwilling to admit its mistakes. It continues to say that it “has the right strategy, the right plan and the right team,” and it claims that things like the sudden announcement of assigned seating, which customers have favored for years, had nothing to do with Elliott’s recent demands for accountability. Instead, we are supposed to believe that these things were part of Mr. Jordan’s plan all along and the timing mere coincidence.", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aed94ac0-3d3d-46f9-baed-7ab1d1612d21", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.581 }, "kind": "paragraph", "text": "As the leaders of the Southwest Airlines Pilots Association put it recently in a memo to their members: “[N]obody in Dallas can admit that those tasked with fixing the problem are the ones who created it. We need bold leaders who have the creativity and insight to reexamine a corporate culture that has stagnated for years.”", "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 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b4eced-88b0-4d36-baf6-1187a7a380c0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "[N]obody in Dallas can admit that those tasked with fixing the problem are the ones who created it. We need bold leaders who have the creativity and insight to reexamine a corporate culture that has stagnated for years. — Southwest Airlines Pilots Association", "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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-144a2a9a6627", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.305, "x": 0.118, "y": 0.741 }, "kind": "title", "text": "The Need for a Comprehensive Solution", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcfa5c5f-3c5e-431d-bff5-904cbe5b2df3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "21e2bb90-ef72-4e34-bb67-cf2bf4fd96e5", "evidence": "Contrasting management's public rhetoric with financial performance and employee sentiment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:55:16.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "dc66894d-bd1d-425b-b3f0-12dbdca58481", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The Need for a Comprehensive Solution", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate", "beatId": "5d2daad4-09aa-44c1-899f-d013b911fd86", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The Need for a Comprehensive Solution", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "45783c4c-b803-478a-b996-12570deb1e6c", "evidence": "The Need for a Comprehensive Solution and The Path Forward", "position": 0, "objective": "What is the cost of not changing the board?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:30.240062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "analysis", "title": "This is a page from an activist investor letter (Elliott Management) targeting Southwest Airlines leadership.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 2689, "nDataPoints": 0, "notes": "This is a page from an activist investor letter (Elliott Management) targeting Southwest Airlines leadership.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:16.528+00", "seconds": 3.96, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/4", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Instead of embracing responsible governance and a spirit of collaboration, Mr. Kelly and Mr. Jordan have resorted to entrenchment tactics – so-called “poison pills,” one-off announcements of long-overdue changes, and a rushed, unilateral Board refreshment process that lacks legitimacy.", "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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f54-fc11fdad24eb", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.597 }, "kind": "paragraph", "text": "Instead of embracing responsible governance and a spirit of collaboration, Mr. Kelly and Mr. Jordan have resorted to entrenchment tactics – so-called “poison pills,” one-off announcements of long-overdue changes, and a rushed, unilateral Board refreshment process that lacks legitimacy.", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16acd49c-6048-42e7-8067-823e0eb4e13b", "parentComponentId": null }, { "bbox": { "h": 0.077, "w": 0.764, "x": 0.118, "y": 0.678 }, "kind": "paragraph", "text": "Mr. Jordan has claimed he wants to fight us – and presumably, by extension, all of the Company’s owners. Judging by his actions, we think that Mr. Jordan is not fighting for the “heart of the company,” as he claims, but rather the ability of himself and Mr. Kelly to continue to control Southwest, on their terms, for as long as they wish, regardless of the results they deliver.", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ccaa7b3-dc52-4ccf-b99e-1f1aaa46a94e", "parentComponentId": null }, { "bbox": { "h": 0.066, "w": 0.764, "x": 0.118, "y": 0.299 }, "kind": "paragraph", "text": "Southwest must now put in place a comprehensive solution – not just some hand-picked new directors beholden to current management and a few long-overdue initiatives. Instead, it is time for a reconstituted Board to finally step up and put in place a transparent and credible process for addressing the challenges Southwest faces today.", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82216176-e5e5-4287-8961-e8b1e92b6022", "parentComponentId": null }, { "bbox": { "h": 0.088, "w": 0.764, "x": 0.118, "y": 0.185 }, "kind": "paragraph", "text": "Mr. Kelly and Mr. Jordan’s go-it-alone strategy has been tried, and it has failed. Shareholders simply do not trust this leadership team to “evolve the business,” when – in the words that the Company itself used in June to explain its eighth guidance reduction in the last 18 months – it is struggling with “complexities in adapting its revenue management to current booking patterns,” one of any airline’s most basic responsibilities. Simply put, this is an admission of business and vision failure.", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7790792-cd07-4fae-be00-e9c05b2fb0e0", "parentComponentId": null }, { "bbox": { "h": 0.066, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "As we said when the assigned seating change was announced, “too little, too late” is not a strategy. In fact, the unilateral implementation by Southwest’s current leadership of a series of hasty, ad-hoc changes designed to boost its stock price in the short term represents a significant risk to the Company’s long-term well-being.", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbdeb791-a08a-4cdc-916e-f3de5d988369", "parentComponentId": null }, { "bbox": { "h": 0.044, "w": 0.764, "x": 0.118, "y": 0.391 }, "kind": "paragraph", "text": "The process that we have seen work most effectively in such situations is the formation of a new board-level committee with a mandate to conduct a comprehensive business review and drive transformational change – and that is what we believe is needed at 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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f667a917-3bad-48de-abbd-64d65782720c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“too little, too late” — Southwest Airlines (assigned seating change announcement); “complexities in adapting its revenue management to current booking patterns,” — Southwest Airlines (June guidance reduction); “heart of the company,” — Mr. Jordan; “in charge” — Elliott Investment Management", "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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-0032de376be6", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.135, "x": 0.118, "y": 0.563 }, "kind": "title", "text": "The Path Forward", "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 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "666fa15c-d525-4b61-b0d5-cd91b79379d6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0295f453-7177-4362-bc6a-be1efe296df7", "evidence": "Mr. Kelly and Mr. Jordan’s go-it-alone strategy has been tried, and it has failed.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:17:51.210499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "5b04cfcf-7df6-4e80-ae0e-8d19d3706768", "evidence": "Framing Mr. Kelly and Mr. Jordan as the primary obstacle to company success.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:55:16.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "45783c4c-b803-478a-b996-12570deb1e6c", "evidence": "The Need for a Comprehensive Solution and The Path Forward", "position": 0, "objective": "What is the cost of not changing the board?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:30.240062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "This is the final page of a shareholder letter, serving as a call to action for shareholders to take control of the company's future.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 10, "textChars": 2335, "nDataPoints": 0, "notes": "This is the final page of a shareholder letter, serving as a call to action for shareholders to take control of the company's future.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:17.356+00", "seconds": 4.412, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/5", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Southwest does not belong to Mr. Jordan and Mr. Kelly, but rather to its shareholders, a designation that importantly includes many of the Company’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": "2026-04-22 23:16:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f54-a6e9d85b7217", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.11, "y": 0.73 }, "kind": "image", "text": "Signatures of John Pike and Bobby Xu", "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": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c344cb29-248d-47dc-895c-e25d00a92984", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.96 }, "kind": "other", "text": "StrongerSouthwest.com", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b41a9f60-2c11-46a2-b19d-2294f79fe0a9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.48 }, "kind": "paragraph", "text": "As Southwest has already announced, we are meeting with the Company’s representatives on September 9, and we look forward to hearing their views on the topics we have raised in this letter. In the interim, we expect the Company will try to distract shareholders with its own unilateral half-measures and divert from real engagement with shareholders. If so, so be it. Nevertheless, we are hopeful that we will find individuals on the Board willing to look past the personal interests of Mr. Jordan and Mr. Kelly in favor of what is best for Southwest and its many other constituents.", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22a451fa-b25e-4eae-b54d-7908bb8beef3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "We are seeking to engage with Southwest to create a better future for the Company, not for a fight. Fighting is a distraction from the business of creating value for shareholders, and our track record reflects that we much prefer working collaboratively with companies to drive value-enhancing change over engaging in proxy fights. If we end up having to nominate directors to the Board of Southwest and take this contest all the way to a special meeting, then it will be the first time we have had to conduct such a contest in the United States in more than seven years.", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b0cb62d-8e07-4c64-8feb-1e5ed8ba4c41", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "But in the absence of these leaders rising to the occasion, we are convinced the next step will be for you, Southwest’s owners, to have a direct say in your Company’s 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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3109a590-4c28-4ea4-83a0-88d4a23a57f9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.11, "y": 0.83 }, "kind": "paragraph", "text": "John Pike, Partner; Bobby Xu, Portfolio Manager", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48007210-d322-43f1-8dd2-2567dad177a9", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.38 }, "kind": "paragraph", "text": "However, when we encounter corporate executives who believe that the companies they run are their personal fiefdoms and that they are entitled to run them – and to be paid handsomely to run them – unchallenged for as long as they want, no matter what results they deliver, then we are more than happy to provide a voice for those whose interests are being poorly served.", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bf9a08c-fc23-4589-8acd-2d3e0fbe9ade", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "Sincerely,", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "910d3d42-9716-4a4f-a3b3-5436fff62f56", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Southwest is a storied American company that deserves to have the best stewards that its Board can possibly provide. It is also a public company, accountable to its owners. It is not an absolute monarchy. Southwest does not belong to Mr. Jordan and Mr. Kelly, but rather to its shareholders, a designation that importantly includes many of the Company’s employees.", "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 19:55:17.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3a83abe-0581-4ceb-adad-b4fe954fed1a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "695f9fe2-e0c1-482b-86a9-0d6f476b55a3", "evidence": "Southwest is a storied American company that deserves to have the best stewards that its Board can possibly provide.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:17:51.290665+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Action", "beatId": "7d77f72d-bfe6-4803-806a-c9020058aaae", "matchId": "60dcf385-aab4-4dc2-8a85-3bc5779fc80a", "beatType": { "name": "Action", "slug": "aida-action", "status": "active", "canonId": "019dd9b8-1285-74f0-8552-c04c08014586", "version": 1, "description": null }, "evidence": "The Path Forward", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "45783c4c-b803-478a-b996-12570deb1e6c", "evidence": "The Need for a Comprehensive Solution and The Path Forward", "position": 0, "objective": "What is the cost of not changing the board?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:30.240062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "appendix", "function": "introduce_nominees", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 657, "nDataPoints": 5, "notes": null, "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:15.719+00", "seconds": 2.62, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/6", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": { "h": 0.315, "w": 0.766, "x": 0.117, "y": 0.409 }, "kind": "paragraph", "text": "David Cush Former CEO of Virgin America. David Cush brings 30 years of aviation experience, including nine years as CEO of Virgin America and two decades of experience at American 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 19:55:15.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35cd5b95-e76b-436c-9a59-57f7edc66a73", "parentComponentId": null }, { "bbox": { "h": 0.175, "w": 0.766, "x": 0.117, "y": 0.744 }, "kind": "paragraph", "text": "Sarah Feinberg Former Transportation Regulator and Administrator of the Federal Railroad Administration. Sarah Feinberg is an experienced transportation regulator who formerly served as Administrator of the Federal Railroad Administration.", "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 19:55:15.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86ca00bd-e9f0-41fb-9aea-efa25586c2db", "parentComponentId": null }, { "bbox": { "h": 0.255, "w": 0.766, "x": 0.117, "y": 0.142 }, "kind": "paragraph", "text": "Michael Cawley Former Deputy CEO, COO and CFO of Ryanair. A longtime senior executive at Ryanair, Michael Cawley has decades of experience at the world's most successful 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 19:55:15.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6add3e4-a8c7-4a8a-b11d-bfe1adce031a", "parentComponentId": null }, { "bbox": { "h": 0.033, "w": 0.498, "x": 0.117, "y": 0.093 }, "kind": "title", "text": "APPENDIX INDEPENDENT DIRECTOR NOMINEE BIOS", "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 19:55:15.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "548c259c-6e59-4b30-9c5e-cc40d5923291", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "setup", "title": "This is a continuation page of a nominee bio section, starting mid-sentence for the first nominee.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 10, "textChars": 869, "nDataPoints": 3, "notes": "This is a continuation page of a nominee bio section, starting mid-sentence for the first nominee.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:16.723+00", "seconds": 3.506, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/7", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.764, "x": 0.118, "y": 0.225 }, "kind": "paragraph", "text": "Josh Gotbaum has decades of experience... nearly 600% total return for shareholders over his tenure.", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b8697d7-551c-4677-a6bd-352a52dedf0b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.764, "x": 0.118, "y": 0.615 }, "kind": "paragraph", "text": "Dave Grissen is the former Group President of Marriott International... growing a storied brand and delivering top-tier results would be valuable to the Southwest 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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b71c861f-dc77-43be-ae4b-5d0290ba5f18", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Chief of Staff to the U.S. Secretary of Transportation, Feinberg oversaw and advised on a broad range of initiatives across the aviation and broader transportation sector.", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eebb3dab-173b-42bf-ac15-64dab8e1ebfb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.865 }, "kind": "paragraph", "text": "Nancy Killefer was a longtime Senior Partner and member of the governing Board at McKinsey and served in multiple high-ranking government roles throughout her career.", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe0b5d64-a93c-4d6e-bd19-72c1c0c3e867", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.5, "x": 0.118, "y": 0.835 }, "kind": "subtitle", "text": "Former Senior Partner in the Consumer and Retailing Practice at McKinsey", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6efe933e-4e01-4cf0-b144-df4672a52b95", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.35, "x": 0.118, "y": 0.585 }, "kind": "subtitle", "text": "Former Group President of Marriott International", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74900224-e63e-478f-9cd4-c6b1300c7209", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.65, "x": 0.118, "y": 0.195 }, "kind": "subtitle", "text": "Seasoned Advisor to Companies and Labor Groups and Former Hawaiian Airlines Trustee", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7781b14-3d95-4f51-8715-f21185b671e4", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.15, "x": 0.118, "y": 0.815 }, "kind": "title", "text": "Nancy Killefer", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00384c1c-0d54-494e-8ee6-1c64f842eb94", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.25, "x": 0.118, "y": 0.175 }, "kind": "title", "text": "Hon. Joshua “Josh” Gotbaum", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f7d1312-5e65-46dd-a03f-9305c46f4584", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.2, "x": 0.118, "y": 0.565 }, "kind": "title", "text": "David “Dave” Grissen", "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 19:55:16.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dca5507-ba31-4480-9692-3a6d5ebf3d85", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "This is a continuation page of a longer list of nominee bios.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 10, "textChars": 761, "nDataPoints": 3, "notes": "This is a continuation page of a longer list of nominee bios.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:17.047+00", "seconds": 3.768, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/8", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": { "h": 0.155, "w": 0.763, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "she advised companies on marketing, strategy, organizational effectiveness and systems. She also founded and led the firm's Public Sector Practice...", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45002833-02b9-40aa-aeee-aa6f1034ccdb", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.763, "x": 0.118, "y": 0.784 }, "kind": "paragraph", "text": "Eash Sundaram brings valuable experience from a successful career as a technology executive, including nine years as Executive Vice President...", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97342271-f331-4a3c-87f5-cb4c9cc92830", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.763, "x": 0.118, "y": 0.564 }, "kind": "paragraph", "text": "Gregg Saretsky brings significant leadership experience and industry knowledge with a nearly 40-year career in aviation...", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bea32e90-194e-4087-bcc1-e8efac3e2f18", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.763, "x": 0.118, "y": 0.344 }, "kind": "paragraph", "text": "Robert Milton brings more than 40 years of experience in the aviation industry, including a total of 13 years as CEO of Air Canada...", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c12f2fb5-bedd-4367-9986-64db037880ae", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.145, "x": 0.118, "y": 0.516 }, "kind": "title", "text": "Gregg Saretsky", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "191fade0-4d80-4529-a56d-77e29b9248da", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.235, "x": 0.118, "y": 0.736 }, "kind": "title", "text": "Easwaran “Eash” Sundaram", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cda903f-8c63-43c9-853b-9982abe21e5a", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.138, "x": 0.118, "y": 0.276 }, "kind": "title", "text": "Robert Milton", "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 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf133ec2-12f6-409a-9b09-d60d7fbd1ac6", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.145, "x": 0.118, "y": 0.534 }, "kind": "title", "text": "Former CEO of WestJet", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bcb0c21-0c15-4d3a-854e-fd0c1f7837d6", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.335, "x": 0.118, "y": 0.754 }, "kind": "title", "text": "Former Chief Digital & Technology Officer of JetBlue", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35517ea3-5ded-4b7b-bc1b-093e7221e25f", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.763, "x": 0.118, "y": 0.294 }, "kind": "title", "text": "Former CEO of Air Canada and ACE Aviation Holdings and Former Chairman of United Airlines", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:17.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbdc598f-874a-43b2-af6d-7db49cc4c3cb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "This is the bottom half of a page, continuing a previous nominee bio and providing legal disclosure.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 678, "nDataPoints": 0, "notes": "This is the bottom half of a page, continuing a previous nominee bio and providing legal disclosure.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:16.127+00", "seconds": 2.798, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/9", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.", "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": "2026-04-22 23:16:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d7-73fd-9f55-7ce32f832d13", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.118, "y": 0.625 }, "kind": "disclaimer", "text": "Elliott Investment Management L.P., together with the other participants named herein (collectively, “Elliott”), intend to file a proxy statement...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:16.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8db7ca95-9e96-4cb1-b489-d0a63cc274cc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.118, "y": 0.275 }, "kind": "paragraph", "text": "Patty Watson is an experienced technology executive with a track record of developing modernization plans and overseeing IT transformations at large, complex financial services and transportation/logistics companies...", "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 19:55:16.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cad522d-ca04-44db-9d90-d754c00d1188", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.2, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "CIO and CTO of NCR Atleos", "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 19:55:16.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8fbf8d0-bb93-45c9-8855-5b342dbda999", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.21, "x": 0.118, "y": 0.225 }, "kind": "title", "text": "Patricia “Patty” Watson", "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 19:55:16.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a15030b8-1ad4-405c-ba55-7bb230c10349", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.54, "x": 0.23, "y": 0.595 }, "kind": "title", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS", "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 19:55:16.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab986054-806c-4252-93bd-50f86cf4e184", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Standard regulatory disclosure page for a proxy solicitation.", "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": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 264, "nDataPoints": 10, "notes": "Standard regulatory disclosure page for a proxy solicitation.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:19.532+00", "seconds": 5.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-9ff1ba72342f/10", "deck": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9c-9ff1ba72342f.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "disclaimer", "text": "The participants in the solicitation are anticipated to be Elliott Investment Management L.P. ... and Patricia Watson.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:19.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "befb40d2-7948-445f-845a-16c2bce6c8c3", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "disclaimer", "text": "As of the date hereof, Elliott has combined economic exposure in the Company of approximately 11.0% ... held by her spouse.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:19.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a3d976-f775-40d7-bf3f-b0c581340b8e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.94 }, "kind": "other", "text": "StrongerSouthwest.com", "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 19:55:19.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41bbfc76-5229-4914-9026-23a5293508ae", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.03, "x": 0.86, "y": 0.94 }, "kind": "other", "text": "10", "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 19:55:19.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc3a4789-3174-498d-97cb-cec59dfe1e43", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 3, "label": "Problem", "description": "The Need for a Comprehensive Solution" }, { "from": 3, "to": 3, "label": "Agitate", "description": "The Need for a Comprehensive Solution" }, { "from": 2, "to": 2, "label": "Solution", "description": "The Right Solutions for Southwest" }, { "from": 5, "to": 5, "label": "Action", "description": "The Path Forward" } ], "loops": [ { "from": 3, "to": 5, "label": "Cost Of Inaction", "description": "What is the cost of not changing the board?" } ] }