10:29 AM EDT, 09/10/2024 (MT Newswires) -- Southwest Airlines' ( LUV ) planned board shakeup that includes the resignation of seven directors is "unprecedented," Elliott Investment Management said Tuesday.

Elliott, which has a combined economic exposure in Southwest ( LUV ) of about 11%, said it is looking to engage with the remaining directors to align on the changes needed at the airline.

"The need for thoughtful, deliberate change at Southwest ( LUV ) remains urgent, and we believe the highly qualified nominees we have put forward are the right people to steady the board and chart a new course for the airline," the hedge fund said.

Earlier on Tuesday, Southwest ( LUV ) said Executive Chairman Gary Kelly will voluntarily step down effective after its 2025 annual meeting and that six directors will voluntarily step down and will leave following Southwest's ( LUV ) November board meeting.

The airline also said it intends to continue to engage with Elliott for a "collaborative resolution in the near term."

Shares of Southwest ( LUV ) were down 4.6% in recent Tuesday trading.

Price: 28.37, Change: -1.37, Percent Change: -4.59