Elliott Investment Management has acquired 10% of common shares in Southwest Airlines, giving it the power to call a special shareholder meeting, with the intention of replacing CEO Robert Jordan and Executive Chairman Gary Kelly. The hedge fund, which holds an overall 11% economic stake, plans to nominate 10 new directors to the 15-member board, citing a 50% decline in stock value over the past three years as a major concern. A meeting between Elliott and Southwest is scheduled for September 9 to discuss these issues. Despite Southwest's recent efforts to improve its business, including new seating arrangements and board appointments, Elliott has criticized these measures as insufficient. The situation represents a significant escalation in Elliott's campaign to restructure the airline's leadership and strategy.