03:24 PM EDT, 08/14/2024 (MT Newswires) -- Southwest Airlines ( LUV ) said Wednesday that it has the "right leadership team in place" to take the airline forward, a day after activist investor Elliott Investment Management disclosed plans to replace a majority of the carrier's board.

Elliott late Tuesday outlined intentions to nominate 10 independent directors to the airline's board, citing the need for "urgent changes" at Southwest ( LUV ). The candidates include former JetBlue (JBLU) executive Eash Sundaram, former Ryanair (RYAAY) deputy Chief Executive Michael Cawley, former United Airlines (UAL) Chairman Robert Milton, and former Marriott International (MAR) Group President Dave Grissen.

Last month, Elliott said it planned to give Southwest ( LUV ) shareholders "a direct say" on its proposed leadership changes at the carrier if it didn't cooperate with the activist shareholder. Elliott manages funds that together have a roughly 11% economic interest in Southwest ( LUV ).

"When nominated, these candidates would give shareholders a choice between the company's existing board, which has delivered poor returns for shareholders and has not held management accountable for Southwest's ( LUV ) unacceptable performance, or a new board that brings relevant expertise, fresh thinking and accountability," Elliott said late Tuesday.

Southwest ( LUV ) shares were up 0.3% in Wednesday late-afternoon trade, but have fallen roughly 12% so far this year.

In response, Southwest ( LUV ) said Wednesday its board is "confident that the airline has the right leadership team in place to evolve the business" and lead the company forward. Elliott has dismissed the carrier's engagement efforts "at every turn," Southwest ( LUV ) said.

"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 airline said.

Late last month, the company said it was taking steps to address "near-term revenue challenges" after its second-quarter earnings declined year over year.

Southwest ( LUV ) said Wednesday its board will assess Elliott's proposed nominees, adding that the company is open to discussing ideas with the investor to drive shareholder value.

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