01:17 PM EDT, 10/14/2024 (MT Newswires) -- Southwest Airlines ( LUV ) activist investor Elliott Investment Management called for a special shareholder meeting to elect eight new independent directors at the carrier.

The shareholder, which has a roughly 11% economic interest in Southwest ( LUV ), said Monday that it proposed Dec. 10 as the special meeting date. Shares of Southwest ( LUV ) dropped 1.9% intraday.

"Absent a thorough reconstitution of its board, the story of Southwest ( LUV ) will remain one of empty promises and unfulfilled potential," Elliott Partner John Pike and Portfolio Manager Bobby Xu said in a statement.

Elliott is seeking to remove the company's eight current directors, including Executive Chairman Gary Kelly, William Cunningham, Thomas Gilligan and Jill Soltau.

Southwest ( LUV ) last month announced that Cunningham, Gilligan and Soltau, among others, will retire in November. It also said at the time that Kelly would retire in 2025 and that it would appoint four new independent directors, including some of Elliott's nominees.

Southwest ( LUV ) did not respond to an emailed request for comment from MT Newswires. The company late last month announced a $500 million cost-saving plan through reduced hiring and other efficiency measures. At the time, it raised its third-quarter guidance for revenue per available seat mile.

"Following Elliott's public push for changes, Southwest ( LUV ) has responded with a series of long-overdue strategic and corporate-governance initiatives, promising that better performance will follow," Pike and Xu wrote. "However, Southwest's ( LUV ) shareholders have heard these sorts of promises before, and what they need today, at the outset of this attempted turnaround, is an experienced, highly qualified board to oversee the changes and ensure successful execution."

The shareholder's eight nominees include former Ryanair (RYAAY) Deputy Chief Executive Michael Cawley, former Virgin America CEO David Cush, former Department of Transportation official Sarah Feinberg and former Marriott International (MAR) Group President Dave Grissen.

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