{
  "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": 74,
  "pageCount": 78,
  "prevPage": 73,
  "nextPage": 75,
  "slideType": "testimonial",
  "function": "illustrate_case",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses external validation (quotes) to build a case for leadership change.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-95d951b6e57c/74",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-95d951b6e57c#slide-74",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In addition to hearing from shareholders, we have received feedback on our views both publicly and privately from some of Southwest’s employees.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d6-604adfecf1cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.16
      },
      "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": "117b6106-9019-4a04-b243-d1366f52e178",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "In addition to this sort of public commentary, we have also received a deluge of unsolicited private expressions of support from individuals representing themselves as current and former employees of Southwest – many of whom were in strong agreement with our analysis of the Company’s recent performance and our calls for change:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb1a6bc3-25cd-4cf1-b1d6-2a7da0b01906",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.77
      },
      "kind": "quote",
      "text": "“I am a former 21 year employee retiree and stock holder of SWA who completely agrees with your perspective of current senior management at SWA. [Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes.” – Former Employee",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "080f8272-ea42-45af-94fd-9060d39ea845",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.53
      },
      "kind": "quote",
      "text": "“I’m a retired Southwest Captain... our famous culture is dying a slow, painful death. I believe it can be fixed, and I’m hoping you and your group can make it happen.” – Former Employee",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26741c20-2212-4d6c-a284-ef59c03e1d23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.78,
        "x": 0.11,
        "y": 0.23
      },
      "kind": "quote",
      "text": "“We see the numbers... We have years of disdain from leadership... And here we are with an activist investor basically saying everything we’ve said... There’s not a concern for the employees.” – SWAPA Leadership, The SWAPA Number Podcast (July 1)",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60731876-e819-44d9-916f-e53c7912aacd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.62
      },
      "kind": "quote",
      "text": "“Not only do I have a vested interest in the success of the company... Without any doubt I agree that a new leadership team is needed.” – Current Employee",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cf84ac5-67df-4724-a9b1-8a7eea328c42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.71
      },
      "kind": "quote",
      "text": "“As a SWA employee of more than 23 years, I am in complete agreement with your analysis. I have been screaming this for 15 years.” – Current Employee",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a4382c8-263f-454a-a52a-1accccce6fda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "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... I mentioned the word disdain before and I’m going to say it again because that’s the only way that really we can describe how labor has been treated and SWAPA and our data-driven analysis has been treated. It’s been disregarded. And here we are with an activist investor basically saying everything we’ve said... Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t.” — SWAPA Leadership, The SWAPA Number Podcast (July 1)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94d6-644ffedce607",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.11
      },
      "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": "5a4cedcf-0794-461a-8f93-dd26bcaa5088",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}