The Dallas-based airline is shrinking its board from 15 members to 13 as part of an agreement with activist investor Elliott Investment Management.
DALLAS — Two more board members of Dallas-based Southwest Airlines will step down in April, marking the final phase of a board overhaul initiated last summer by activist investor Elliott Investment Management.
Eduardo Conrado and Elaine Mendoza have decided not to seek re-election and are expected to leave their positions on the board following the company’s annual meeting on April 25. Both Conrado and Mendoza joined the board in 2023.
Their departures are part of a broader reshuffle agreed upon by Southwest’s leadership in October. This change will reduce the board from 15 members to 13 at the next annual shareholder meeting, following public criticism by Elliott Investment Management about the airline’s management. As a result, two-thirds of the board has been replaced.
“Mr. Conrado’s and Ms. Mendoza’s departures are not due to any disagreement with the company regarding its operations, policies, or practices,” Southwest Airlines stated in a filing with the U.S. Securities and Exchange Commission.
Conrado serves as president of Ascension, the nation’s largest nonprofit health system, while Mendoza is the founder, president, and CEO of Conceptual MindWorks, Inc., a health informatics company she established in 1990 that provides software and medical informatics to the private sector.
In September, Southwest’s former CEO and executive chairman, Gary Kelly, announced his early retirement amid tensions with Elliott Investment Management. He was succeeded by Rakesh Gangwal, the billionaire co-founder of IndiGo, India’s largest airline.
Additionally, two long-serving Southwest executives revealed last month that they would retire in April. Executive Vice President and Chief Financial Officer Tammy Romo and Chief Administration Officer Linda Rutherford will both step down on April 1 after more than three decades with the airline.