Southwest Airlines (LUV) shares flew higher Monday after 澳洲幸运5官方开奖结果体彩网:activist investor Elliott Investment Management announced it had taken a $1.9 billion stake in the airline and called for a shakeup of the company. 

In a letter to the board, ♒Elliott partner John Pike and portfolio manager Bobby Xu blasted the carrier for “poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy.” They argued that has led to “deeply disappointing results for shareholders, employees and customers alike.”

The letter called for the airline to reconstitute its board with new, independent directors from outside the company, as well as to bring in outsiders to lead Southwest. It also wants a comprehensive business review, with a new management and board-level committee “to evaluate all available opportunities to rapidly restore the Company's performance to best-in-class standards.”

'Most Compelling Airline Turnaround Opportunity in the Last Two Decades'

Pike and Xu wrote that Elliott sees Southwest as “the most compelling airline turnaround opportunity in the last two decades,” and noted that shares could reach $49 in 12 months🏅 if♉ the company makes the changes it recommends. They noted that would be a 77% increase over the period.

The news sent shares of Southwest Airlines 6.8% higher to $29.66 as of 10:27 a.m. ET Monday and into positive territory for 2024.