In a public letter addressed to Southwest Airlines' board, Artisan Partners, one of the airline's significant shareholders, expressed its support for Elliott Management's campaign to remove CEO Bob Jordan and Executive Chairman Gary Kelly from their positions. The move comes as Southwest Airlines faces underperformance compared to its competitors.

The letter, written by Artisan Partners' Daniel O'Keefe and Michael McKinnon, acknowledged Elliott Management's recent campaign launch with great interest. O'Keefe and McKinnon stated that Artisan had privately voiced many of the same concerns to Kelly in recent months, further emphasizing their alignment with Elliott Management's public demands.

Artisan Partners, which manages assets worth $158.6 billion, holds a 1.8% stake in Southwest Airlines, making it the company's 10th-largest shareholder. FactSet data reveals that Artisan has owned shares in the airline intermittently since 2001, with its current holdings acquired since 2020. O'Keefe and McKinnon oversee Artisan's Global Value Team, responsible for managing $28 billion in assets.

Elliott Management, with a significant economic interest of $1.9 billion in Southwest Airlines, aims to oust Jordan and Kelly while advocating for a comprehensive business review. The campaign launch from Elliott Management prompted Artisan Partners to urge the airline's board to reconstitute itself and upgrade Southwest's leadership.

Southwest Airlines' CEO, Bob Jordan, responded to Elliott Management's campaign by stating that he had no plans to resign and reaffirming that the company would not be "directed" by Elliott. However, the public support from Artisan Partners is likely to increase the pressure on the airline.

The impact of Elliott Management's campaign is evident as they carried out surveys among shareholders, employees, and customers before revealing their stake in Southwest Airlines. Other major shareholders of Southwest Airlines include Putnam Investment Management, T. Rowe Price, BlackRock, and Vanguard. Institutional shareholders, excluding Elliott Management's economic interest, collectively control approximately 60% of Southwest's outstanding shares.

At the time of reporting, Southwest Airlines representatives have yet to respond to requests for comment.

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