NEW YORK, Oct 2 (Reuters) -

Gangwal, who co-founded low-cost Indian carrier InterGlobe

Aviation, or IndiGo, purchased 3.6 million Southwest shares on

September 30 and October 1 according to Securities and Exchange

Commission filings. He paid between $29 and $30 a share.

He said he made the purchases as soon as the so-called

trading window when directors and other insiders are permitted

to buy and sell the stock opened.

Southwest put Gangwal on the board in July as activist

investor Elliott Investment Management increased pressure on the

carrier, demanding leadership and strategy changes to improve

financial performance. The company last month announced a board

overhaul and other changes.

Last month Southwest said executive chairman Gary Kelly will

step down and six other directors will retire from its 15-member

board.

Elliott has held firm to demands for more changes in the top

ranks, including the ouster of CEO Bob Jordan. Last week it said

it plans to request a special shareholder meeting to press for

those changes.

Gangwal told Reuters on Wednesday that more upheaval in the

executive suite and boardroom would hurt shareholders. "I

believe changing the board structure and top leadership beyond

what has been already announced, would be counterproductive and

not in the best interest of shareholders."