Dallas-based Southwest Airlines Co. (NYSE:LUV), a prominent player in the passenger airlines industry with annual revenue of $27.48 billion, disclosed on Friday that board members Eduardo F. Conrado and Elaine Mendoza will not seek re-election and plan to retire following the company’s 2025 Annual Meeting of Shareholders. This decision aligns with an earlier agreement involving the airline and several investment partnerships, including Elliott Investment Management L.P.
According to the company’s SEC filing dated February 4, 2025, the departures are part of a planned board refreshment process and are not due to any disagreements over the company’s operations, policies, or practices. The two board members’ retirement was anticipated as part of a Cooperation Agreement reported on October 23, 2024, which stated that two incumbent directors would step down at the next annual meeting. The news comes as Southwest’s stock has shown strong momentum, posting a 29.3% gain over the past six months.
The announcement comes as part of a larger corporate governance update and does not reflect any internal conflict or dissatisfaction. Southwest Airlines, known for its commercial air transportation services, remains a major player in the industry and continues to operate under the guidance of its remaining board members and executive team.
This information is based on a press release statement and the company’s latest 8-K filing with the Securities and Exchange Commission.
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