Rakesh Gangwal, a multibillionaire and co-founder of IndiGo, has been appointed Chairman of the Board at Southwest Airlines. After Southwest settled strategic issues with Elliott Investment Management, a significant stakeholder pushing for reforms, Gangwal, who joined the board in July and recently purchased $108 million worth of shares, assumes this leadership position.
Along with the appointments of new Board Committee Chairs, the airline announced on Monday that Gangwal will be the independent Chair of the Board. In order to improve financial performance and steer Southwest into its next stage of expansion, Gangwal emphasized in his statement the board’s emphasis on collaborating closely with President, CEO, and Vice Chairman Bob Jordan.
According to recent filings with the US SEC, Gangwal bought 3.6 million shares at a price of $29 to $30 per share through a variety of transactions. His dedication to the airline’s success is demonstrated by this investment, as he assumes a crucial governance position meant to strengthen Southwest’s competitive advantage and promote strategic growth.
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