Billionaire and IndiGo co-founder Rakesh Gangwal has been appointed as the Chairman of Southwest Airlines, the U.S.-based carrier announced, media reports said.
Gangwal, who joined the airlines board in July, recently invested $108 million in Southwest shares, according to a PTI report.
The announcement comes just over a week after Southwest reached a settlement with Elliott Investment Management, a major shareholder that had advocated for extensive changes at the airline.
On Monday, Southwest named Gangwal the independent Chair of the Board of Directors and assigned new Chairs for various Board Committees.
With Southwest embarking on a new chapter, our immediate priority as a reconstituted board is to unite and work closely with Bob Jordan and the management team to restore the airline to top financial performance, Gangwal said in a statement, according to the report.
Jordan, Southwests President, CEO, and Vice Chairman, will continue in his roles.
The report said that Gangwals recent share acquisition involved 3.6 million shares purchased across multiple transactions, with prices ranging from $29 to $30 per share, according to recent U.S. SEC filings by Southwest.
