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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "Elliott",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "Uses a list of negative performance metrics to justify a leadership change.",
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      "kind": "callout",
      "text": "The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company.",
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      "text": "Bob Jordan's 2-Year Tenure as CEO; 8 Negative Guidance Revisions; -84% Decline in 2024 EBIT Expectations; -43% TSR Underperformance Relative to Peers; -36% TSR and a -34% Decline in Enterprise Value; 13 Analyst Downgrades and Not a Single Upgrade; December 2022 Meltdown Stranded Over 2 Million Customers; Share Price Underperformance on 10 of 11 Significant Earnings Events",
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      "text": "We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo. The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company. Further, they have demonstrated that they are not up to the task of modernizing Southwest",
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      "kind": "quote",
      "text": "So I think the [strategic] daylight between [me and Gary Kelly] is, yes, there's some, but it's really small, and it's absolutely none of the fundamentals.",
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      "text": "So I think the [strategic] daylight between [me and Gary Kelly] is, yes, there's some, but it's really small, and it's absolutely none of the fundamentals. — CEO Bob Jordan, December 2021",
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      "kind": "source-note",
      "text": "Source: Company filings, Company transcripts, Bloomberg as of 6/7/2024, Department of Transportation.",
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      "text": "Leadership Must Be Upgraded",
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