(Reuters) -Southwest Airways on Monday named aviation business veteran Rakesh Gangwal because the unbiased chair to its board, days after the price range provider settled its feud with activist investor Elliott.
The airline introduced within the co-founder of India’s largest provider Indigo to its board in July regardless of criticism from Elliott Funding Administration on the time.
Gangwal, an American, has spent a number of years in senior roles at United Airways and U.S. Airways. He resigned from the board of Indigo’s dad or mum InterGlobe Aviation in 2022.
Gangwal purchased Southwest shares price greater than $100 million final month earlier than the airline settled its boardroom feud with Elliott in a deal that allowed CEO Bob Jordan to retain his job by making greater board-level concessions.
Elliott had been pushing for months to refresh the board and take away Kelly and Jordan, blaming them for the airline’s poor efficiency.
As a part of the deal, the Dallas-based airline was set so as to add 5 Elliott nominees to its board, making it probably the most seats the hedge fund has ever bought in a settlement with a U.S. firm.
The settlement with Elliott additionally accelerated the retirement of Govt Chairman Gary Kelly, which went into impact on Nov. 1.
The price range provider additionally appointed chairs to its board committees on Friday, together with the appointment of Elliott nominee Gregg Saretsky because the chair of its finance committee.
