DALLAS, Sept. 26,
2024 /PRNewswire/ -- Southwest Airlines Co.
(NYSE: LUV) (the "Company") has appointed Robert "Bob" Fornaro as a
member of the Board, effective immediately.
Fornaro is an accomplished airline executive with four decades
of experience in the industry. He previously served on the Board of
Directors of Spirit Airlines beginning in May 2014 until September
2019 and as President and Chief Executive Officer from
January 2016 until December 2018, during which time he led the
low-cost carrier through a period of substantial growth and
transformation. Previously, he was President and Chief Executive
Officer of AirTran Holdings Inc. from November 2007 until May
2011. Fornaro served as a consultant to Southwest Airlines
from 2011 to 2014 following its acquisition of AirTran in 2011, and
again from 2020 to 2024 following his resignation as President and
CEO of Spirit Airlines. Prior to his role as CEO of AirTran, he
served as President and Chief Operating Officer from March 2001 until November
2007 and President and Chief Financial Officer from
March 1999 until August 2000. He also previously served as
Chairman of both AirTran Airways Inc. and AirTran Holdings Inc.
Before joining AirTran, Fornaro operated a successful aviation
consulting practice and served in senior marketing and planning
positions at US Airways and Northwest Airlines.
"Bob is an exceptional leader and brings a wealth of industry
experience to our Board," said Gary
Kelly, Executive Chairman of the Board. "As a former
consultant to Southwest, Bob has provided an objective review and
important perspective on Southwest's transformation plan, and he
has a strong appreciation for Southwest's unique business model and
strategic advantages. His deep experience leading multiple airlines
will be instrumental as we continue with our Board refreshment plan
to add best-in-class Directors who will bring complementary skills
and hold our Leadership Team accountable for delivering
results."
"Southwest Airlines has both a storied history and tremendous
potential," said Fornaro. "I look forward to further collaborating
with members of the Board as we guide the Company's Leadership Team
in implementing its strategy. I am confident in Bob Jordan and the Leadership Team's ability to
execute its transformation plan and deliver improved performance
and Shareholder returns."
With Fornaro's appointment, the Company has added ten new highly
qualified Directors over the past three years, including the recent
appointments of Rakesh Gangwal,
co-founder of India's largest
airline, InterGlobe Aviation (IndiGo) and previous executive at US
Airways Group and United Airlines, and Lisa
Atherton, president and CEO of Bell. Fornaro's appointment
follows Southwest Airlines' recent announcement of its next phase
of comprehensive Board refreshment, which includes six retirements
in November and Executive Chairman Gary
Kelly's retirement at the 2025 Annual Meeting, the
anticipated appointment of three new independent Directors, and the
naming of new Committee Chairs and a new Lead Independent
Director.
Fornaro currently serves on the boards of Avianca, Colombia's largest airline, and WestJet,
Canada's second-largest carrier.
Fornaro earned a master's degree in city and regional planning from
Harvard University and a bachelor's
degree in economics from Rutgers
College.
Cautionary Statement Regarding Forward-Looking
Statements
This news 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 (the
"Exchange Act"). Specific forward-looking statements include,
without limitation, statements related to the Company's focus
areas, goals, strategies, and initiatives, including with respect
to transforming the business, improving performance, and
Shareholder returns. 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, consumer perception, economic
conditions, fuel prices, 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 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; (vi) the Company's
dependence on the Federal Aviation Administration with respect to
safety approvals for the Company's new cabin layout and the
certification of the Boeing MAX 7 aircraft; (vii) 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; (viii) the Company's ability to timely and
effectively prioritize its initiatives and focus areas and related
expenditures; (ix) the impact of governmental regulations and other
governmental actions on the Company's business plans, results, and
operations; and (x) other factors, as described in the Company's
filings with the U.S. Securities and Exchange Commission (the
"SEC"), 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,
and in the Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30,
2024.
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 117 airports 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 airline1. 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 74,0002 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 years3 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 20504.
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 Based on U.S. Dept. of Transportation quarterly
Airline Origin & Destination Survey since Q1 2021
2 Fulltime-equivalent active
Employees
3 1973-2019 annual profitability
4 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.
Important Additional Information
The Company intends to file a proxy statement and
a WHITE proxy card with the SEC in connection with the
solicitation of proxies for the Company's next meeting of
Shareholders (whether an Annual or Special Meeting of Shareholders
(the "Shareholder Meeting")). SHAREHOLDERS OF THE COMPANY ARE
STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING
WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH, OR FURNISHED
TO, THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
SHAREHOLDER MEETING. Shareholders will be able to obtain the
Company's proxy statement, any amendments or supplements to the
proxy statement and other documents filed by the Company with the
SEC at no charge at the SEC's website at www.sec.gov. Copies will
also be available at no charge at the Company's website at
https://www.southwestairlinesinvestorrelations.com/financials/sec-filings.
Participant Information
For participant information, see the Company's soliciting
material filed as "DEFA14A" with the SEC on September 10, 2024 and available here.
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SOURCE Southwest Airlines Co.