When Activist Investors Ask for Board Seats

When Activist Investors Ask for Board Seats

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Boards

by Mark DesJardine and Elina Tetelbaum

February 18, 2025

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In June 2024, Elliott Investment Management announced a $1.9 billion investment in Southwest Airlines. Elliott advocated for strategic changes and leadership replacement, nominating 10 candidates to Southwest’s 15-member board. Just months later, the two parties reached an agreement that included shrinking the board by two seats and appointing six new directors, five of whom were initially proposed by Elliott.

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