02:55 PM EDT, 06/12/2024 (MT Newswires) -- The Artisan Partners Global Value Team of Artisan Partners Asset Management ( APAM ) said Wednesday it has sent a letter to the board of Southwest Airlines ( LUV ) , urging the board to reconstitute itself.

"We are writing today to urge the board to reconstitute itself and upgrade the company's leadership such that it can objectively assess the best path forward for Southwest's ( LUV ) shareholders, employees, and customers," managing directors Daniel O'Keefe and Michael McKinnon said in the letter.

"We believe this process needs to commence immediately," they added. Its discretionary investment management clients hold about 1.82% of the company's shares.

The letter follows pressure from activist investor Elliott Investment Management which disclosed a $1.9 billion stake in the company on Monday and called for a new leadership that could bring in fresh perspectives to the business.

"We have made many of the same points to the company's Executive Chairman over the past several months," the letter said.

Southwest Airlines ( LUV ) Chief Executive Bob Jordan reportedly said he has "no plans to resign" despite the pressure.

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