Southwest Airlines loses two Elliott-backed directors in surprise exit

Two directors backed by activist investor Elliott Investment Management have resigned from Southwest Airlines' board. David Cush and Gregg Saretsky will leave their positions on February 23, 2026. The airline confirmed their departures were not linked to any disputes or operational issues.

Cush and Saretsky joined the Southwest board in October 2024 as part of Elliott's push for change. The investor group had nominated five directors at the time, reshaping the airline's leadership. Their exit now reduces the board's size from 13 to 11 members.

The resignations come after a short tenure of just over a year. Southwest stated that both directors left on good terms, with no conflicts reported. Their departure marks a shift in the board's composition, which had included a strong presence from Elliott's nominees.

With Cush and Saretsky gone, Southwest Airlines will operate with a smaller board. The changes take effect later this month, leaving 11 members in place. The airline has not announced any immediate replacements for the vacant seats.