In a move to accelerate change at Southwest Airlines, activist investor Elliott Management has announced plans to call a special meeting, aiming to elect a new slate of directors as early as next week. The investor's proposed board shake-up comes on the heels of Southwest's own efforts to revamp its governance structure in an attempt to thwart a potential proxy fight.

Elliott Management is pushing to appoint a 10-member slate of directors, which includes seasoned airline executives and former regulators. The activist investor's primary goal is to usher in competent new leadership at Southwest Airlines, signaling a lack of confidence in the current management's strategic direction. The contentious proposal seeks to remove CEO Bob Jordan and Executive Chairman Gary Kelly, despite Kelly's previous commitment to step down in 2025.

The turbulence within Southwest Airlines comes at a critical juncture for the carrier as it faces mounting challenges such as rising costs and evolving travel patterns. With the looming specter of more "difficult decisions" on the horizon, Southwest's recent shift in business strategy, including the move away from open seating and the introduction of red-eye flights, underscores the need for swift and decisive action to restore profitability in a post-pandemic landscape.