Dallas, Texas, USA – November, 2024 – Rakesh Gangwal, co-founder of IndiGo and billionaire entrepreneur, has been appointed as Chairman of Southwest Airlines, following his recent board membership and significant investment in the airline. Mr. Gangwal joined Southwest’s board in July 2024 and recently acquired shares worth $108 million, highlighting his commitment to the airline’s future. His new role as Chairman comes shortly after Southwest resolved matters with Elliott Investment Management, a significant shareholder pushing for reforms.
On Monday, Southwest named Mr. Gangwal as the independent Chair of the Board of Directors, alongside new appointments for Board Committee Chairs. “We are embarking on the next era of change at Southwest as we build upon its many successes and storied past,” Gangwal stated. “Our priority as a newly constituted board is to work closely with Bob Jordan and the management team to restore the airline to superior financial performance.”
Mr. Gangwal brings a wealth of experience in the aviation industry. He began his career at United Airlines in 1984 and went on to serve as President, CEO, and COO of U.S. Airways Group and Chairman and CEO of Worldspan Technologies. In India, he co-founded IndiGo, the country’s largest airline, though he later stepped down from the board of InterGlobe Aviation, IndiGo’s parent company, in 2022. Recently, Gangwal reduced his stake in IndiGo following a share sale that brought his and his family trust’s combined holdings to 13.55%.
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