07:52 AM EDT, 08/14/2024 (MT Newswires) -- Southwest Airlines ( LUV ) said Wednesday that activist investor Elliott Investment Management had "dismissed" its board's efforts "to engage constructively," in response to Elliott's announcement of plans for a proxy fight.

"After Elliott recently agreed to a meeting with Southwest Airlines ( LUV ) in early September to discuss a collaborative resolution, including continuing significant Board refreshment and other governance enhancements, Elliott unilaterally decided instead to publicly announce its intention to replace a majority of Southwest Airlines' ( LUV ) board," the carrier said.

Elliott said late Tuesday that it plans to nominate 10 independent directors, the majority of whom would be former aviation executives, including former Ryanair (RYAAY) Deputy Chief Executive Michael Cawley and former JetBlue Airways (JBLU) Chief Digital and Technology Officer Eash Sundaram.

Elliott said its nominations are key to "implementing the urgent changes needed at Southwest ( LUV )," and that the carrier has performed poorly as it "lacked a single independent director with airline experience" for a while.

Southwest ( LUV ) said Wednesday that it will continue to discuss ideas to increase shareholder value with Elliott, and that it "remains confident that the airline has the right leadership team in place to evolve the business and to lead Southwest Airlines ( LUV ) forward."

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