Southwest Airlines Co. (NYSE: LUV) announced amendments to its Cooperation Agreement with Elliott Investment Management L.P. on February 19, 2025. The amendment increases Elliott's maximum economic exposure in Southwest from 14.9% to 19.9% of outstanding common stock while extending restrictions on beneficial ownership above 12.49% until April 1, 2026, or the day after the record date for Southwest’s 2026 Annual Meeting of Shareholders.

Additionally, Ryan Green, the Executive Vice President & Chief Transformation Officer, has decided to step down from his position, effective April 1, 2025.

These developments highlight Elliott's growing stake in Southwest and a leadership transition at a crucial time for the airline.