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Southwest fire CEO Bob JordanCNBC
•85% Informative
Elliott Management has never run a campaign at an airline before.
The hedge fund has taken activist stakes in more than 140 companies over the past three decades .
There are similarities with two of its past investments, at Suncor and Marathon.
Southwest says it's "thoughtfully reviewing" the June 10 letter and looks forward to "further conversations with Elliott ".
Elliott-targeted companies tend to outperform the market, according to a 13D Monitor analysis.
The hedge fund is one of the top investors in Southwest Airlines .
The company introduced a poison pill this week to prevent a takeover bid.
Southwest 's bylaws allow big shareholders to call a special meeting to replace its board, something Elliott could consider.
"This has the potential to be one of the most significant events in Southwest Airlines' history," SWAPA leaders wrote.
Southwest has previously acknowledged some of the problems Elliott highlighted.
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