Elliott plans to nominate 10 candidates for board (Il Sole 24 Ore Radiocor) - New York, 14 Aug - Southwest Airlines said that since Elliott Investment Management launched its campaign against the airline, its board had consistently sought to engage constructively and in the best interests of all shareholders.

"Elliott has dismissed those efforts at every turn," the Dallas-based carrier said in a statement, adding it was confident it had "the right Leadership Team in place to evolve the business and to lead Southwest Airlines forward." Activist investor Elliott said late yesterday it planned to launch a proxy fight with Southwest and nominate 10 candidates for the 15-member board.

It said the move was "a key step toward implementing urgent changes at Southwest... where performance has lagged behind competitors." When nominated, "the candidates would give shareholders a choice between the company's existing Board, which has delivered poor returns for shareholders and has not held management accountable for Southwest's unacceptable performance, or a new Board that brings relevant expertise, fresh thinking and accountability," Elliott said.

The hedge fund said it managed funds that together had an approximately 11% economic interest in Southwest Airlines.

Shares in Southwest Airlines were up around 1.5% in premarket trading.

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(RADIOCOR) 14-08-24 14:55:45 (0357) 5 NNNN