06:33 AM EDT, 10/03/2024 (MT Newswires) -- Southwest Airlines Company ( LUV ) Director Rakesh Gangwal bought 3.6 million company shares on Monday and Tuesday for $29 to $30 per share amounting to over $100 million, Securities and Exchange Commission filings on Thursday showed.

The company put Gangwal on its board in July upon the insistence of activist investor Elliott Investment Management of leadership and strategy changes to boost financial performance, Reuters said in a Thursday report.

Last month, the company conducted board changes which led to Executive Chairman Gary Kelly and six other directors stepping down, however Gangwal told Reuters on Wednesday that more top-level leadership shakeups will be "counterproductive and not in the best interest of shareholders."

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