DALLAS, July 8, 2024
/PRNewswire/ -- The Board of Directors of Southwest
Airlines Co. (NYSE: LUV) ("Southwest") (the "Company") has
appointed Rakesh Gangwal as a member
of the Board, effective July 7.
Gangwal has deep and extensive airline industry experience and
is the co-founder of India's
largest airline by fleet size and passengers carried, InterGlobe
Aviation, known as IndiGo. Before co-founding IndiGo in 2006,
Gangwal served as Chairman, President, and Chief Executive Officer
of Worldspan Technologies, a provider of technology and information
services to the travel and transportation industry. Prior to his
time at Worldspan, Gangwal served as President and Chief Executive
Officer of US Airways Group, and previously as its Chief Operating
Officer. Gangwal previously served in executive roles at Air France
and United Airlines.
"I am delighted to welcome Rakesh, who brings to our Board
decades of valuable experience as an executive and entrepreneur at
some of the world's leading airlines," said Gary Kelly, Executive Chairman of the Board.
"Having co-founded IndiGo and grown it into India's largest airline, Rakesh knows the
importance of building a business that has both a distinct culture
and enduring profitability."
"I have long admired Southwest Airlines and am honored to join
the Board," said Gangwal. "Together with the rest of the Board, I
look forward to supporting the Company's strategic direction and
building on its well-earned reputation as one of the world's most
admired and respected airlines."
"Rakesh's expertise in travel technology will be valuable as we
continue to make investments that support our operations and
strategic initiatives," added Kelly. "We look forward to working
with Rakesh and benefitting from his insights to best serve our
Customers, do right by our Employees, and drive long-term
Shareholder value."
In addition to having served on the board of InterGlobe
Aviation, Gangwal has also served on several other public company
Boards, including US Airways Group, CarMax, Office Depot,
OfficeMax, and PetSmart. Gangwal earned a Bachelor of Technology
degree from the Indian Institute of
Technology and a Master of Business Administration from The
Wharton School at University of
Pennsylvania.
Gangwal's appointment continues the Board's deliberate efforts
to evolve its composition to comprise professionals with a diverse
range of skills and experience in areas critical to Southwest
Airlines' business, including aviation, travel, finance,
technology, consumer services, governmental affairs, human capital,
environmental and sustainability, and logistics and operations. As
part of its continued refreshment efforts, the Board has appointed
a total of eight new independent and highly-qualified Directors,
including Gangwal, over the last three years.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Specific forward-looking statements include,
without limitation, statements related to (i) the Company's planned
investments to support operations and initiatives; (ii) the
Company's expectations with respect to its strategic priorities and
focus areas, goals, opportunities, and initiatives, including with
respect to best serving its Customers, doing right by its
Employees, and driving long-term Shareholder value; and (iii) the
Board's strategic refreshment process. These forward-looking
statements are based on the Company's current estimates,
intentions, beliefs, expectations, goals, strategies, and
projections for the future and are not guarantees of future
performance. Forward-looking statements involve risks,
uncertainties, assumptions, and other factors that are difficult to
predict and that could cause actual results to vary materially from
those expressed in or indicated by them. Factors include, among
others, (i) the impact of fears or actual outbreaks of diseases,
extreme or severe weather and natural disasters, actions of
competitors (including, without limitation, pricing, scheduling,
capacity, and network decisions, and consolidation and alliance
activities), consumer perception, economic conditions, banking
conditions, fears or actual acts of terrorism or war,
sociodemographic trends, and other factors beyond the Company's
control, on consumer behavior and the Company's results of
operations and business decisions, plans, strategies, and results;
(ii) the Company's ability to timely and effectively implement,
transition, operate, and maintain the necessary information
technology systems and infrastructure to support its operations and
initiatives, including with respect to revenue management; (iii)
the cost and effects of the actions of activist shareholders; (iv)
the Company's ability to obtain and maintain adequate
infrastructure and equipment to support its operations and
initiatives; (v) the impact of fuel price changes, fuel price
volatility, volatility of commodities used by the Company for
hedging jet fuel, and any changes to the Company's fuel hedging
strategies and positions, on the Company's business plans and
results of operations; (vi) the Company's dependence on The Boeing
Company ("Boeing") and Boeing suppliers with respect to the
Company's aircraft deliveries, fleet and capacity plans,
operations, maintenance, strategies, and goals; (vii) the Company's
dependence on Boeing and the Federal Aviation Administration with
respect to the certification of the Boeing MAX 7 aircraft; (viii)
the Company's dependence on other third parties, in particular with
respect to its technology plans, its plans and expectations related
to revenue management, operational reliability, fuel supply,
maintenance, Global Distribution Systems, and the impact on the
Company's operations and results of operations of any third party
delays or non-performance; (ix) the Company's ability to timely and
effectively prioritize its initiatives and focus areas and related
expenditures; (x) the impact of labor matters on the Company's
business decisions, plans, strategies, and results; (xi) the impact
of governmental regulations and other governmental actions on the
Company's business plans, results, and operations; (xii) the
Company's dependence on its workforce, including its ability to
employ and retain sufficient numbers of qualified Employees with
appropriate skills and expertise to effectively and efficiently
maintain its operations and execute the Company's plans,
strategies, and initiatives; (xiii) the emergence of additional
costs or effects associated with the cancelled flights in
December 2022, including litigation,
government investigation and actions, and internal actions; and
(xiv) other factors, as described in the Company's filings with the
Securities and Exchange Commission, including the detailed factors
discussed under the heading "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023.
About Southwest Airlines Co.
Southwest Airlines
Co. operates one of the world's most admired and awarded
airlines, offering its one-of-a-kind value and Hospitality at 121
airports1 across 11 countries. Southwest took
flight in 1971 to democratize the sky through friendly, reliable,
and low-cost air travel and now carries more air travelers flying
nonstop within the United States
than any other airline2. Based in Dallas and famous for an Employee-first
corporate Culture, Southwest maintains an unprecedented record of
no involuntary furloughs or layoffs in its history. By empowering
its more than 74,0003 People to deliver
unparalleled Hospitality, the maverick airline cherishes a
passionate loyalty among more than 137 million Customers carried in
2023. That formula for success has brought industry-leading
prosperity and 47 consecutive years4 of
profitability for Southwest Shareholders (NYSE: LUV).
Southwest leverages a unique legacy and mission to serve
communities around the world including harnessing the power of its
People and Purpose to put communities at the Heart of its success.
Learn more by visiting Southwest.com/citizenship. As the
airline with Heart, Southwest has set a goal to work toward
achieving net zero carbon emissions by 20505.
Southwest has also set near-term targets and a three-pillar
strategy to achieve its environmental goals. Learn more by visiting
Southwest.com/planet.
1 Effective Aug. 5,
2024, the airline will serve 117 airports.
2 Based on U.S. Dept. of Transportation
quarterly Airline Origin & Destination Survey since Q1
2021
3 Fulltime-equivalent active
Employees
4 1973-2019 annual
profitability
5 Southwest's
net zero by 2050 goal includes Scope 1, Scope 2, and Scope 3
Category 3 emissions only and excludes any emissions associated
with non-fuel products and services, such as inflight service
items.
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SOURCE Southwest Airlines Co.