"We're now ushering in a new era at Southwest, moving swiftly and deliberately to transform the company," Southwest CEO Bob Jordan said in a statement.
The changes come two days after Elliott threatened to call a special meeting as it tries to push Jordan out.
Southwest's board authorized $2.5 billion share buybacks Thursday morning as it tries to fend off Elliott's pressure.
The airline has already announced it will replace its famous open-seating policy and charge for premium seating, which has become a major source of revenue for its rivals.
#southwest-airlines #elliott-management #airline-industry #business-transformation #investor-relations
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