After a meeting with activist investor group Elliott Investment Management, Southwest Airlines announced that while it stands behind CEO Bob Jordan, the chairman of the board and former CEO Gary Kelly will depart after the 2025 annual meeting. In addition, the board will be “refreshed” with the departure of six current members after the regularly scheduled board meeting in November.

The board anticipates appointing four new independent directors in the near future, including the consideration of Elliott’s candidates.

According to a statement, the board “is confident that there is no better leader than Bob Jordan to successfully execute Southwest Airlines’ robust strategy to evolve the airline and enhance sustainable shareholder value.” It said that Jordan is a 36-year industry veteran “who has led the company through some of its most turbulent times, while consistently driving transformational initiatives and innovation.”

In a letter, Kelly wrote that Southwest is “unquestionably the most successful commercial carrier in the history of aviation.” He wrote that since he joined the company in 1986 as controller, the airline’s value has grown 60-fold and enjoyed an uninterrupted profit streak of 47 years — broken only by the pandemic.

He said: “Now is the time for change. It’s time to shake things up, not just stir them a bit. The wisdom comes in knowing what to change and what not to change. We know that changes are required to some of our historic business practices.” In recent months, Southwest has changed its historic open-seating policy and also introduced premium seating for the first time.

Kelly said the company would share a comprehensive updated business plan at its Sept. 26 Investor Day in Dallas.