Gangwal Named Chair Amid Southwest Board Overhaul

Southwest Airlines has appointed Rakesh Gangwal as the independent chair of its board of directors, effective immediately, aligning with a recent agreement with activist investor Elliott Investment Management. This decision comes after Elliott pressured Southwest for leadership changes, leading to an overhaul of the board. Gangwal, who co-founded Indian low-cost airline IndiGo and has extensive experience in the aviation industry, was appointed to help guide Southwest back to superior financial performance. The airline has also named new board committee chairs and introduced six new board members, including David Cush and Sarah Feinberg, as part of its strategy to refresh leadership and meet investor demands. Bob Jordan remains as CEO despite Elliott's initial push for his replacement, and Southwest is focusing on initiatives like premium seating and strategic partnerships to enhance profitability. These changes are part of a broader plan to improve financial results and respond to market challenges.