Activist investor Elliott Investment Management is preparing a proxy fight at Southwest Airlines, aiming to replace up to 10 of the airline's 15 board members. Elliott, which holds an 11% economic interest in the company, plans to call a special meeting for shareholders to vote on the nominees, including former CEOs from Virgin America, WestJet, and Air Canada. The fund is pushing for significant changes, including the removal of CEO Bob Jordan and Chairman Gary Kelly, and a comprehensive business review. Southwest recently announced changes to its business model, such as ending open seating and introducing premium seating options. However, Elliott criticizes these moves as 'too little, too late,' citing a 50% decline in the airline's share price over the last decade.