12:50 PM EDT, 06/26/2024 (MT Newswires) -- Elliott Investment Management on Wednesday repeated calls for a leadership change at Southwest Airlines ( LUV ) after the carrier reduced its Q2 revenue guidance.

Southwest ( LUV ) said earlier in the day it now expects Q2 operating revenue per available seat mile to fall 4% to 4.5% compared with prior guidance of down 1.5% to 3.5%.

Elliott partner John Pike and portfolio manager Bobby Xu said the revised guidance proved Southwest's ( LUV ) leadership was "unable to adapt to the modern airline industry."

"Unfortunately, this is yet another example that fundamental leadership change is urgently needed at Southwest ( LUV ). Elliott is committed to delivering the leadership changes that the company requires," Pike and Xu said in a statement.

Elliott disclosed a $1.9 billion stake in the company earlier this month and called for a new leadership at the time that could bring in fresh perspectives to the business.

Southwest ( LUV ) Chief Executive Bob Jordan previously said that he had "no plans to resign" despite the pressure.

Southwest ( LUV ) did not immediately respond to a request for comment from MT Newswires.

Shares of Southwest ( LUV ) shares were little changed in recent trading.

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