{
  "docId": "019dd923-622b-71dc-a6dc-3b6d17d91123",
  "docSlug": "7848c04aef2c",
  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "14_Icahn",
  "authorName": "John Pike and Bobby Xu",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-06-10 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 10,
  "pageCount": 78,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "closing_ask",
  "function": "closing_ask",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a formal letter signed by John Pike and Bobby Xu.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-3b6d17d91123/10",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-3b6d17d91123",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-3b6d17d91123.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-3b6d17d91123#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-902a-408b66aa7d9f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.12,
        "x": 0.47,
        "y": 0.57
      },
      "kind": "image",
      "text": "Signature of Bobby Xu",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7231d4ae-f6ac-4ff0-be74-24209d69a6e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.12,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "image",
      "text": "Signature of John Pike",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c72e96b8-668a-4181-9e73-4b257e08c748",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.12,
        "x": 0.11,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "John Pike\nPartner",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3130bd5f-3c5b-438a-acd4-8dede2367e3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "As one of the Southwest’s largest investors, Elliott is focused on the sustainable, long-term success of the Company. This Board, however, refuses to hold itself and the management team accountable for the long-term value destruction endured by Southwest’s shareholders. Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55efbaad-d659-4777-8d7b-cc512a5f43d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "We are committed to realizing the substantial opportunity of improving Southwest’s performance with an updated strategy guided by accomplished, best-in-class industry executives and leaders. Based on the feedback we have received to date, we believe our fellow shareholders will be equally committed to supporting that new direction. We will make ourselves available at your earliest convenience for further discussions.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc2cee71-4c21-4beb-a8ed-c75a87fc3d75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.11,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "Sincerely,",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf64c53f-1641-4cae-8239-5dfac60b236c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.15,
        "x": 0.47,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "Bobby Xu\nPortfolio Manager",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3e534a9-1600-4f1a-af31-6e5bf2303b44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Entrenchment maneuvers by the Board like this “poison pill” and the unilateral appointment of a new director handpicked by the Company’s incumbent leaders to support the status quo will not be effective in the face of the deep shareholder frustration that exists today. We are open to collaborating with the Board on a path forward consistent with the framework outlined above, but absent alignment, we intend to move expeditiously to give shareholders a direct say on the necessary leadership changes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f268ba90-4fdb-4220-893a-829230223fda",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 1,
      "beatId": "3e9973c2-b847-49aa-bb05-8903c6e1c447",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document highlights Southwest's underperformance and leadership issues",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}