Artisan Partners asks Southwest to reconstitute board, management

Artisan Partners Global Value (APAM) said it sent a letter to the board of Southwest Airlines (LUV) today, which reads in part: “We are writing to you on behalf of the Global Value investment team at Artisan Partners Limited Partnership. Currently, our discretionary investment management clients collectively hold more than 10.8 million shares of Southwest Airlines Co., or roughly 1.82% of the Company’s outstanding shares. We note with great interest the recent announcement by Elliott Investment Management L.P. regarding their position in the Company, their assessment of the Company’s current management team and their call for dramatic change at Southwest, including new leadership. We have made many of the same points to the Company’s Executive Chairman over the past several months. We are writing today to urge the Board to reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately.”