Southwest Airlines Appoints Rakesh Gangwal as Independent Board Chair, Announces New Committee Leaders
(IN SHORT) Southwest Airlines has appointed Rakesh Gangwal as the new independent Chair of its Board of Directors and assigned new Chairs for its Board Committees. Gangwal aims to work closely with CEO Bob Jordan and the leadership team to strengthen the airline’s financial performance. CEO Jordan also acknowledged the dedication of Southwest employees, emphasizing the company’s unique culture and commitment to service.
(PRESS RELEASE) Dallas, TX, 2024-Nov-5 — /Travel PR News/ — Southwest Airlines Co. has appointed Rakesh Gangwal as the new independent Chair of its Board of Directors, marking a significant leadership transition. Alongside this appointment, Southwest has designated new Chairs for its Board Committees, effective immediately: Lisa Atherton will lead the Compensation Committee; Douglas Brooks, the Audit Committee; David Hess remains as Chair of the Safety and Operations Committee; Chris Reynolds will head the Nominating and Corporate Governance Committee; and Gregg Saretsky will chair the Finance Committee.
Gangwal expressed optimism about the future, emphasizing the Board’s commitment to collaborating closely with CEO Bob Jordan and Southwest’s leadership team to restore strong financial performance. CEO Bob Jordan extended his gratitude to the Southwest team for their dedication, highlighting that the company’s culture and commitment to customer service are its greatest strengths.
Further information on the Board and its members can be found on Southwest Airlines’ Investor Relations page.
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, as amended. Specific forward-looking statements include, without limitation, statements related to returning the carrier to superior financial performance, executing on the Company’s plan, delivering for shareholders. 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, the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors, consumer perception, economic conditions, banking conditions, fears or actual acts of terrorism or war, socio demographic 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 and assigned and premium seating; (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 impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company’s fuel hedging strategies and positions, on the Company’s business plans and results of operations; (vi) the Company’s dependence on The Boeing Company (“Boeing”) and Boeing suppliers with respect to the Company’s aircraft deliveries, Boeing MAX 7 aircraft certifications, fleet and capacity plans, operations, maintenance, strategies, and goals; (vii) the Company’s dependence on the Federal Aviation Administration with respect to safety approvals for the new cabin layout and the certification of the Boeing MAX 7 aircraft; (viii) 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 nonperformance; (ix) the Company’s ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (x) the impact of labor matters on the Company’s business decisions, plans, strategies, and results; (xi) the impact of governmental regulations and other governmental actions on the Company’s business plans, results, and operations; (xii) the Company’s dependence on its workforce, including its ability to employ and retain sufficient numbers of qualified Employees with appropriate skills and expertise to effectively and efficiently maintain its operations and execute the Company’s plans, strategies, and initiatives; and (xiii) other factors, as described in the Company’s filings with the Securities and Exchange Commission, 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.
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 73,0002 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
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