The leadership change follows a larger trend within the company in recent months.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Southwest Airlines Co. announced Jan. 9 that two of its executives will be leaving their positions in the coming months.
Executive Vice President and Chief Financial Officer Tammy Romo and Chief Administration Officer Linda Rutherford will be retiring from their positions April 1. Both Romo and Rutherford have worked at Southwest (NYSE: LUV) for more than three decades. The airline said that a search is currently underway to find Romo’s replacement, and it does not have immediate plans to begin a search for the chief administration officer role.
Both Romo and Rutherford are familiar faces not just in the Southwest corporate office but the broader Dallas-Fort Worth business community. Romo, a former Dallas Business Journal CFO of the Year award recipient, joined Southwest in 1991 when the company had just 120 airplanes and revenues of a mere $1.4 billion. She went on to lead the airline to produce record profits through the years, as well as leading fleet modernization efforts and other high-profile initiatives.
The leadership change follows a larger trend within the company in recent months. Former CEO and executive chairman Gary Kelly announced in September that he would retire early amid a fight with activist investor Elliott Investment Management LP, a Florida-based hedge fund and major investor that voiced concerns about Southwest’s dropping share price and corporate governance.
Kelly originally planned to retire in the spring of 2025 but moved the date up to Nov. 1 2024. Rakesh Gangwal, the billionaire co-founder of IndiGo, India’s largest airline, was named as Kelly’s replacement.
Southwest’s board of directors also saw an overhaul, with two-thirds of the members replaced. Six new directors were added to the board, which was configured to 13 seats. Five of those were Elliott’s nominees. The investment firm struck a deal in late October with Southwest to avoid a proxy fight.