Artisan Partners Global Value Team Sends Letter to the Board of Southwest Airlines

The Artisan Partners Global Value Team today sent a letter to the Board of Directors of Southwest Airlines Co. (NYSE: LUV). The full text of the letter is as follows:

June 12, 2024

The Board of Directors

Southwest Airlines Co.

2702 Love Field Drive

Dallas, TX 75235-1611

Dear Members of the Board:

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. (“Southwest” or the “Company), 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.

Regards,

	Daniel O’Keefe	Michael McKinnon
	Managing Director	Managing Director
	Artisan Global Value Team	Artisan Global Value Team

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