Welcome to our dedicated page for Southwest Airlines Co. news (Ticker: LUV), a resource for investors and traders seeking the latest updates and insights on Southwest Airlines Co. stock.
Southwest Airlines Co. (NYSE: LUV) is the largest domestic air carrier in the United States, renowned for its low-cost air travel and exceptional customer service. Headquartered in Dallas, Texas, Southwest operates over 800 Boeing 737 aircraft, providing point-to-point flights to 121 airports across 11 countries. The airline, established in 1971, is committed to democratizing air travel through its affordable and reliable services, making it a favorite among passengers.
Southwest is celebrated for its employee-first culture, maintaining an impressive record of no involuntary furloughs or layoffs. The company employs nearly 75,000 people who deliver unparalleled hospitality, carrying over 137 million customers in 2023. This dedication to service and employee satisfaction has resulted in 47 consecutive years of profitability, an unparalleled achievement in the airline industry.
Recent achievements include a new labor contract agreement with the Transport Workers Union Local 556, covering nearly 20,000 flight attendants, which ensures better compensation and working conditions. The company’s focus on sustainability is evident in its goal to achieve net zero carbon emissions by 2050, supported by near-term targets and a three-pillar strategy to meet its environmental objectives.
Southwest also recently reported its financial results for the first quarter of 2024. Despite a loss in the first quarter, the airline saw a healthy profit margin by March, driven by strong demand and strategic network adjustments. However, the company faces significant challenges due to aircraft delivery delays from Boeing, prompting a reevaluation of its operations and financial strategies.
Southwest is undergoing significant leadership transitions, including the promotion of Jason Van Eaton to Executive Vice President, Chief Regulatory & Corporate Affairs Officer, and Jeff Novota to Vice President General Counsel & Corporate Secretary. These changes are expected to strategically enhance the company’s operational and regulatory framework.
Additionally, the company is in discussions with Elliott Investment Management, which has recommended new leadership and strategic changes to improve performance. Elliott’s involvement underscores the necessity for modernization within Southwest's operations to maintain its competitive edge in the airline industry.
Southwest Airlines continues to innovate and adapt, ensuring its commitment to providing low-cost, high-quality air travel while focusing on environmental sustainability and operational excellence.
Southwest Airlines Co. (NYSE: LUV) has responded to Elliott Investment Management's recent shareholder letter and provided an update on their engagement. The company highlights its efforts to reach a constructive resolution with Elliott, including multiple meetings and an offer for Elliott to participate in the Board refreshment process. Southwest expresses disappointment in Elliott's public approach and demand for immediate CEO change.
The airline outlines its recent Board transformation plans, including six retirements in November, Gary Kelly's retirement at the 2025 Annual Meeting, and the appointment of new Directors and Committee Chairs. Southwest emphasizes its willingness to consider Elliott's Director candidates if allowed to meet them.
The company reaffirms its commitment to executing a transformational plan to improve Customer Experience and financial performance. Southwest strongly supports CEO Bob Jordan as the right leader to execute this strategy and warns against any leadership change during this critical transformation period.
Elliott Investment Management, holding an 11% economic interest in Southwest Airlines (NYSE: LUV), has announced its intent to call a special meeting in the coming weeks. This decision comes after Southwest's management and board chose a 'go-it-alone' path, implementing defensive actions to obstruct leadership change. Elliott urges shareholders to take action by October 7 to ensure they can vote their shares, as Southwest has set 'false record dates' in anticipation of the special meeting.
Elliott's goals for Southwest include: enhancing the board with new, independent directors; upgrading leadership from outside the company; and undertaking a comprehensive business review. The firm criticizes Southwest's recent actions, including a 'poison pill', hasty director recruitment, and product changes, as attempts to evade accountability for poor performance.
Southwest Airlines Co. (NYSE: LUV) is celebrating the 30th anniversary of the TV show FRIENDS® with a monthlong promotion. The airline is offering:
- Up to 30% off base fares for travel between Oct. 24, 2024, and Jan. 31, 2025, using promo code FRIENDS
- FRIENDS-themed episodes on the Inflight Entertainment Portal
- A special Surprise & Delight flight with trivia and giveaways
The fare sale is valid until Sept. 26, 2024. Southwest also hosted a themed flight from Dallas to Burbank, featuring FRIENDS trivia and prizes. The promotion highlights Southwest's flexible policies and aims to attract both solo travelers and groups. FRIENDS remains a popular series, having won Emmy® Awards and maintaining high ratings in syndication and streaming.
Southwest Airlines Co. (NYSE: LUV) has announced its 2024 Investor Day, scheduled for Thursday, September 26, 2024. The event will be livestreamed via webcast starting at 10:30 a.m. ET. Key speakers include Bob Jordan (President, CEO, and Vice Chairman), Andrew Watterson (COO), Ryan Green (EVP Commercial Transformation), and Tammy Romo (EVP and CFO).
Investors and interested parties can access the webcast through the Investor Relations homepage on the Southwest Airlines website. Registration for the event begins 20 minutes prior to the start time. The presentation will be available for replay after the live event.
Southwest Airlines (NYSE: LUV) has announced that its Flight Simulator Technicians, represented by the International Brotherhood of Teamsters (IBT) Local 19, have voted to approve a new contract. This marks the successful ratification of all labor contracts for the airline's union-represented workgroups, which account for approximately 83% of Southwest's employees.
The new contract for Flight Simulator Technicians includes increased pay rates, a new Simulation Engineer classification, and maternity and parental leave benefits. It will remain in effect until September 2028. This achievement follows a two-year period during which all 12 union-represented workgroups ratified new contracts, demonstrating Southwest's commitment to its employee-first culture and providing competitive pay and benefits.
Elliott Investment Management L.P. has released a statement regarding Southwest Airlines Co. (NYSE: LUV) following the resignation of seven directors. This unprecedented move comes after shareholder feedback, with Elliott expressing satisfaction that the board is recognizing the need for change. The investment firm, which holds a combined economic exposure of approximately 11.0% in Southwest Airlines, hopes to engage with remaining directors to align on further necessary changes.
Elliott emphasizes the urgent need for thoughtful, deliberate change at Southwest and believes their proposed nominees are qualified to stabilize the board and set a new direction for the airline. The firm intends to file a proxy statement with the SEC to solicit proxies for electing their slate of director candidates and other proposals at the next shareholder meeting.
Southwest Airlines (NYSE: LUV) announced significant board refreshment and governance changes. Key points include:
1. Six directors will retire in November 2024, and Executive Chairman Gary Kelly will retire after the 2025 annual meeting.
2. The board plans to appoint four new independent directors, potentially including candidates proposed by Elliott Investment Management.
3. The Executive Committee structure has been eliminated, and a new Finance Committee created.
4. The board reiterates support for CEO Bob Jordan and commits to holding management accountable for results.
5. These changes aim to enhance shareholder value and address concerns raised by Elliott Investment Management.
Southwest Airlines Co. (NYSE: LUV) has reached a Tentative Agreement with the International Brotherhood of Teamsters (IBT) Local 19 for a new collective bargaining agreement for its Flight Simulator Technicians. This group, comprising over 50 employees, provides important maintenance and engineering support for the company's flight training equipment. The agreement marks a significant milestone, as 11 out of Southwest's 12 union-represented workgroups have ratified new agreements since October 2022.
Southwest Airlines, known for its employee-first culture and no-layoff policy, operates across 117 airports in 11 countries. The airline carried over 137 million customers in 2023 and has maintained 47 consecutive years of profitability for shareholders. Southwest is also committed to achieving net zero carbon emissions by 2050, focusing on a three-pillar strategy to meet its environmental goals.
Southwest Airlines (NYSE: LUV) reported a strong operational performance for the summer 2024 travel season. The airline achieved a 100% completion factor on Labor Day, with zero cancellations. For the entire summer period, Southwest carried a record 54 million customers across more than 414,000 flights, improving on-time performance by two percentage points compared to 2023. The airline maintained a 99.3% completion factor throughout the summer. During the Labor Day weekend alone, Southwest connected 1.8 million customers on over 14,500 scheduled flights, achieving a 99.9% completion factor. CEO Bob Jordan expressed pride in the employees' focus on safety and operational excellence, noting continued strong travel demand in the third quarter.
Southwest Airlines (NYSE: LUV) has announced the return of its popular Companion Pass promotion. Rapid Rewards Members who register and purchase a qualifying flight between Sept. 3-5, 2024, and travel by Nov. 20, 2024, can earn a promotional Companion Pass valid from Jan. 6 to March 6, 2025. This pass allows a designated companion to fly for free (excluding taxes and fees) on flights purchased by the Member.
For the first time, Members can use Rapid Rewards points, a combination of cash and points, or other eligible forms of payment for qualifying flights. The promotion aims to showcase the benefits of Southwest's Rapid Rewards program, which offers no blackout dates and non-expiring points. This -time offer provides an opportunity for Members to experience one of the airline's most valued perks.
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