Southwest Airlines Appoints Industry Veteran Robert Fornaro to Board Amid Leadership Transition
(IN SHORT) Southwest Airlines has appointed Robert “Bob” Fornaro to its Board of Directors, effective immediately. Fornaro, a seasoned airline executive with over 40 years of experience, previously served as CEO of Spirit Airlines and AirTran Holdings, where he led both through significant growth. He has also consulted for Southwest after its acquisition of AirTran. Fornaro’s expertise is expected to contribute to Southwest’s ongoing board refreshment plan, which aims to enhance governance and accountability. His appointment follows recent high-profile additions to the board as Southwest undergoes leadership transitions, including Gary Kelly’s upcoming retirement. Fornaro also serves on the boards of Avianca and WestJet.
(PRESS RELEASE) Dallas, TX, 2024-Sep-27— /Travel PR News/ — Southwest Airlines Co. (NYSE: LUV) has announced the appointment of Robert “Bob” Fornaro to its Board of Directors, effective immediately. With a career spanning over four decades in the airline industry, Fornaro brings extensive leadership experience, having previously served as CEO of Spirit Airlines and AirTran Holdings. During his tenure, he led both airlines through significant periods of growth and transformation. Fornaro also previously consulted for Southwest Airlines following its acquisition of AirTran in 2011 and again after his departure from Spirit Airlines in 2020.
Fornaro’s industry background includes senior roles at US Airways and Northwest Airlines, and he has a proven track record in guiding airlines through various phases of expansion. His expertise is expected to complement Southwest’s ongoing Board refreshment plan, which seeks to bring in top-tier talent to enhance governance and accountability.
“Bob’s leadership and vast experience in the airline sector make him a valuable addition to our Board,” stated Gary Kelly, Executive Chairman of the Board at Southwest. “His insights, especially from his time as a consultant to Southwest, will be instrumental in driving our strategic objectives and helping our leadership team execute our transformation plan.”
In his new role, Fornaro expressed enthusiasm for Southwest’s future. “Southwest Airlines has a rich history and exciting potential. I look forward to working with the Board and leadership to ensure the company continues to grow and deliver strong shareholder returns.”
Fornaro’s appointment is part of Southwest’s broader initiative to revamp its Board, which includes six retirements this November, and Gary Kelly’s retirement at the 2025 Annual Meeting. The airline has also brought in other high-profile Directors, including Rakesh Gangwal, co-founder of IndiGo, and Lisa Atherton, CEO of Bell.
Fornaro currently serves on the boards of Avianca and WestJet and holds advanced degrees from Harvard University and Rutgers College.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Specific forward-looking statements include, without limitation, statements related to the Company’s focus areas, goals, strategies, and initiatives, including with respect to transforming the business, improving performance, and Shareholder returns. These forward-looking statements are based on the Company’s current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors, consumer perception, economic conditions, fuel prices, banking conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company’s control, on consumer behavior and the Company’s results of operations and business decisions, plans, strategies, and results; (ii) the Company’s ability to timely and effectively implement, transition, operate, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives, including with respect to revenue management; (iii) the cost and effects of the actions of activist shareholders; (iv) the Company’s ability to obtain and maintain adequate infrastructure and equipment to support its operations and initiatives; (v) the Company’s dependence on The Boeing Company (“Boeing”) and Boeing suppliers with respect to the Company’s aircraft deliveries, fleet and capacity plans, operations, maintenance, strategies, and goals; (vi) the Company’s dependence on the Federal Aviation Administration with respect to safety approvals for the Company’s new cabin layout and the certification of the Boeing MAX 7 aircraft; (vii) the Company’s dependence on other third parties, in particular with respect to its technology plans, its plans and expectations related to revenue management, operational reliability, fuel supply, maintenance, Global Distribution Systems, and the impact on the Company’s operations and results of operations of any third party delays or non-performance; (viii) the Company’s ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (ix) the impact of governmental regulations and other governmental actions on the Company’s business plans, results, and operations; and (x) other factors, as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the detailed factors discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024.
Important Additional Information
The Company intends to file a proxy statement and a WHITE proxy card with the SEC in connection with the solicitation of proxies for the Company’s next meeting of Shareholders (whether an Annual or Special Meeting of Shareholders (the “Shareholder Meeting”)). SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE SHAREHOLDER MEETING. Shareholders will be able to obtain the Company’s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Company’s website at https://www.southwestairlinesinvestorrelations.com/financials/sec-filings.
For participant information, see the Company’s soliciting material filed as “DEFA14A” with the SEC on September 10, 2024 and available here.
ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world’s most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 117 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline1. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its more than 74,0002 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years3 of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 20504. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting Southwest.com/planet.
- Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey since Q1 2021
- Fulltime-equivalent active Employees
- 1973-2019 annual profitability
- Our net zero by 2050 goal includes Scope 1, Scope 2, and Scope 3 Category 3 emissions only and excludes any emissions associated with non-fuel products and services, such as inflight service items.
Media Contact:
Visit the Southwest Newsroom at swamedia.com for multimedia assets and other Company news.
Media Relations Team: 214-792-4847, option 1
Source: Southwest Airlines
###