Not like former Starbucks CEO Laxman Narasimhan (and his outgoing chairman, Gary Kelly, who’s now stepping down subsequent month versus subsequent 12 months), Southwest Airways CEO Robert Jordan will get to maintain his job. It’s because his board of administrators, confronted with a do-or-die showdown with activist hedge fund Elliott Administration in early December at which Elliott would search to fireside eight of its members, eventually—like so many others earlier than IT—acknowledged the folly of enjoying rooster with Elliott chief Paul Singer and Finance.yahoo.com/information/southwest-airlines-reports-surprise-q3-103709734.html”>gave him 5 seats.
Whether or not Jordan will in the end wish to hold that job is one other matter. Elliott has accused him of presiding “over a interval of gorgeous underperformance” and being “incapable of delivering on Southwest’s potential,” and now the corporate is giving two of its folks on the board the facility to “assist” Jordan.
Elliott nominees David Cush, who served as CEO of Virgin America, and Gregg Saretsky, former CEO of WestJet…. and three extra administrators may also serve on a committee that may help within the oversight of Southwest’s operational and strategic plans.
Finance.yahoo.com/information/southwest-airlines-reports-surprise-q3-103709734.html”>Southwest Airways settles boardroom feud with activist investor Elliott [Reuters via Yahoo!]
For extra of the most recent in litigation, regulation, offers and monetary companies developments, Finance-docket-newsletter-referral”>enroll for Finance Docket, a partnership between Breaking Media publications Above the Legislation and Dealbreaker.
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