Key Points
- Rakesh Gangwal is the new Chairman of Southwest Airlines.
- Gangwal joined the Southwest board in July and recently bought $108 million in shares.
- His appointment follows a resolution with Elliott Investment Management over company leadership changes.
- Gangwal aims to improve Southwest’s financial performance in partnership with CEO Bob Jordan.
- Gangwal has extensive experience in the aviation industry, including co-founding IndiGo and holding leadership roles at United Airlines and US Airways.
Looma News
Billionaire Rakesh Gangwal, co-founder of IndiGo, has been appointed Chairman of Southwest Airlines. This announcement came shortly after Southwest resolved governance issues with Elliott Investment Management, one of its largest shareholders. Gangwal, who joined Southwest’s board in July 2024, had already purchased $108 million worth of shares in late September and early October.
Gangwal’s purchase included 3.6 million shares, priced between $29 and $30 each. His new role as independent Chairman signals a big change in Southwest’s leadership, with the airline now focusing on improving its financial performance. Gangwal will work closely with CEO Bob Jordan and the management team to help achieve this goal.
Gangwal brings a wealth of experience in the aviation industry. He started his career at United Airlines in 1984, later becoming President, CEO, and COO of US Airways Group. He also held leadership positions at Worldspan Technologies. Gangwal co-founded IndiGo, India’s largest airline, but had a fallout with co-founder Rahul Bhatia in 2019. In 2022, he stepped down from the board of IndiGo’s parent company, InterGlobe Aviation, and reduced his stake in the airline. By August 2024, his ownership in InterGlobe had dropped to 5.31%, after selling a large portion of his shares for around ₹10,500 crore.
