Southwest Air Taps New Board Member in Showdown With Elliott (2)

Southwest Airlines Co. appointed aviation industry veteran Rakesh Gangwal to its board, an effort to fortify the carrier’s leadership amid demands for sweeping change from activist investor Elliott Investment Management.

The addition of Gangwal, the billionaire co-founder of InterGlobe Aviation, which controls Indian budget carrier IndiGo, is the second defensive step taken by Southwest in response to Elliott’s $1.9 billion stake. The carrier last week adopted a “poison pill” shareholder rights plan.

The latest move is part of the board’s “deliberate efforts to evolve its composition to comprise professionals with a diverse range of skills and experience in ...