03:51 PM EDT, 06/26/2024 (MT Newswires) -- (Updates with statement from Southwest Airlines ( LUV ) in the seventh and eighth paragraph.)

Elliott Investment Management on Wednesday repeated calls for a leadership change at Southwest Airlines ( LUV ) after the carrier reduced its Q2 revenue guidance.

Southwest ( LUV ) said earlier in the day it now expects Q2 operating revenue per available seat mile to fall 4% to 4.5% compared with prior guidance of down 1.5% to 3.5%.

Elliott partner John Pike and portfolio manager Bobby Xu said the revised guidance proved Southwest's ( LUV ) leadership was "unable to adapt to the modern airline industry."

"Unfortunately, this is yet another example that fundamental leadership change is urgently needed at Southwest ( LUV ). Elliott is committed to delivering the leadership changes that the company requires," Pike and Xu said in a statement.

Elliott disclosed a $1.9 billion stake in the company earlier this month and called for a new leadership at the time that could bring in fresh perspectives to the business.

Southwest ( LUV ) Chief Executive Bob Jordan previously said that he had "no plans to resign" despite the pressure.

Southwest ( LUV ) told MT Newswires it has the right strategy, plan and team to drive long term value for its shareholders.

"While we expect our second quarter revenue to be impacted by complexities we experienced in adapting our revenue management to align with customer booking patterns, we continue to expect an all-time quarterly record for operating revenue in second quarter 2024," the company said in a statement.

Shares of Southwest ( LUV ) shares were little changed in recent trading.

Price: 28.28, Change: -0.24, Percent Change: -0.82