{
  "docId": "019dd923-622c-750b-8b9c-95d951b6e57c",
  "docSlug": "616b0ed7b6b8",
  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike & 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": 7,
  "pageCount": 78,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "testimonial",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a series of testimonials to build a case for leadership succession.",
  "elementsJson": [
    "quote_block",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d0-b065ccc46926",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change involving new and proven airline industry executives capable of returning Southwest to its rightful place as an industry leader.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02a6fdae-f5df-4a61-ab80-da7a7c1d7b36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "In addition to hearing from shareholders, we have received feedback on our views both publicly and privately from some of Southwest's employees. For an illustrative example of the feedback we've heard, consider the sentiments expressed by SWAPA's leadership on July 1:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97ed67c8-d615-4003-b881-2a4ee6c1dc99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.15,
        "y": 0.38
      },
      "kind": "quote",
      "text": "I don't think this is the right CEO to lead the company and I would view his removal positively... I would be surprised if they did.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03dff1a1-27b4-4a78-8dbf-d22ea4aabd7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.11
      },
      "kind": "quote",
      "text": "I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34f1ac0c-41e4-4437-81c3-8e303be763ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.2
      },
      "kind": "quote",
      "text": "Having the current CEO drive the process for a new strategy is not a good idea... This is a good time for the change.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67fcc314-90cf-4128-9068-57b16c4feab3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.75
      },
      "kind": "quote",
      "text": "We see the numbers, not just every quarter when we have the board meeting here, but we know where the trajectory has been. Then actually when we meet with Bob Jordan and Andrew Watterson, we bring these concerns up... We have years of disdain from leadership, and that's how labor has been treated...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78369133-c790-46e1-b024-b2d3ababa372",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.29
      },
      "kind": "quote",
      "text": "Would you ever see anyone issue a press release that says '35 year veteran of the company to drive significant strategic, operational and financial turnaround,' which is what you would have to believe is possible if you think that Bob Jordan is the right CEO.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bf4186a-5299-4dce-874f-fec6a88a1453",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.15,
        "y": 0.46
      },
      "kind": "quote",
      "text": "So it is really [the CEO] has not done a good job running the company... The Street would be widely supportive of a change.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd200b6c-6042-4a55-84fb-975f549f6dee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I have zero confidence this team can get this right and certainly not in the timeframe that is needed. I rarely call for wholesale change at a company, but that is what is needed here. — Top 10 Active Shareholder; We see the numbers, not just every quarter when we have the board meeting here, but we know where the trajectory has been. Then actually when we meet with Bob Jordan and Andrew Watterson, we bring these concerns up... We have years of disdain from leadership, and that’s how labor has been treated. — SWAPA leadership",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d0-b6158e5413f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.64
      },
      "kind": "title",
      "text": "Other Constituents Have Also Expressed Deep Concerns with Southwest's Leadership",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d1ad0a2-9537-45b7-82f2-332d9c3e071f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}