{
  "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": 72,
  "pageCount": 78,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a text-heavy slide outlining the activist's case against the Board's recent defensive maneuvers.",
  "elementsJson": [
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/72",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-72",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Preventing shareholders who do not support the Company's failed leadership and oversight from purchasing additional stock reflects exceptionally poor governance and underscores the immediate need for accountability at Southwest.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d6-0ed24f2dcfed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.17
      },
      "kind": "list",
      "text": "And today, the Board announced that it had appointed a handpicked new director in a clear attempt to entrench itself and the current management team...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "467ddb29-f7c9-48b3-bdb5-7f72d8001eec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "list",
      "text": "On July 3, this Board put its own self-interest ahead of the Company's by pursuing the entrenchment strategy of adopting an antiquated and shareholder-unfriendly \"poison pill\" to prevent Elliott from increasing its stake above 12.5%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5aeaad47-7230-4da4-a8be-ca2370c39dc1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "The feedback we have received since releasing our materials on June 10 underscores a profound lack of confidence in Southwest's leadership, strategy and performance...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "642300f2-59cd-4e5d-ae06-46a1ee25e152",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "Other conversations echoed the feedback we received in the shareholder survey we commissioned before publishing our views. Below, we have included a representative sample of perspectives",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "937f7d97-298b-4be8-9e1f-f16b7b5796b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "In light of these actions, we have become increasingly concerned by the \"self-help\" half-measures that the Board appears to be contemplating and adopting...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac81cd89-272d-4411-aea3-c7201b98fdb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.64
      },
      "kind": "paragraph",
      "text": "Since the release of our letter, we have spoken with numerous shareholders representing a significant percentage of Southwest's shareholder base...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b50c53f7-aaa9-472a-b573-681bffe19b9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.78,
        "x": 0.11,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "These actions – and in particular the adoption of the \"poison pill\" – demonstrate how profoundly out of touch Southwest's Board has become with shareholder sentiment and with the reality of the situation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e471e72d-61f0-4969-ab92-e48a6c3ef2dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "reconstitute itself and upgrade the Company's leadership such that it can objectively assess the best path forward for Southwest's shareholders, employees, and customers. We believe this process needs to commence immediately. — Artisan Partners",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d6-131b807284e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.55,
        "x": 0.11,
        "y": 0.53
      },
      "kind": "title",
      "text": "Shareholder Feedback Supports Leadership Change",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "183a3691-e16e-421e-bbbf-d5802189f899",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "df1d8259-135e-4bb3-bb1e-d1b04e54a5b0",
      "evidence": "The slide explicitly frames the Board's actions as 'anti-shareholder' and 'poor governance' to justify a call for leadership change.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}