Southwest Airlines
has announced that two C-level executives will be retiring in April, with the company continuing to shake up its leadership following its ordeal with activist investor Elliott Investment Management (Elliott).

Experienced executives

According to Southwest Airlines, Tammy Romo, the executive vice president and chief financial officer (CFO), and Linda Rutherford, the chief administration officer (CAO), will both retire on April 1.

Bob Jordan, the president and chief executive officer (CEO) of Southwest Airlines, said that Romo and Rutherford have led the company with vision, integrity, and an unwavering commitment to excellence for more than three decades.

Southwest Airlines Boeing 737-700 at San Diego International Airport.

Photo: EQRoy | Shutterstock

“Both have managed the Company through highs and lows—and Southwest Airlines is better because of their influence on many of our most significant achievements. We are grateful for their contributions, which will shape our future for years to come.”

Both Romo and Rutherford joined the company in the 1990s, with the current CFO and CAO beginning their careers at the airline in 1991 and 1992, respectively.

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Communications and finances

Southwest Airlines highlighted that since Romo joined its ranks in 1991, she has held many leadership roles, including the head of investor relations, controller, treasurer, and senior vice president of planning. The airline noted that it would begin searching for Romo’s replacement.

She took over the role of executive vice president and CFO in 2012 and has been responsible for overseeing the airline’s financial activities, supply chain management, corporate, fuel, and fleet, and sustainability.

“Over Romo’s career, her accolades include being recognized by WomenInc. as a Most Influential Corporate Director in 2023, named CEO Magazine’s Outstanding CFO for a Public Company in 2022 and 2014, Dallas Business Journal’s 2014 CFO of the Year, and named in Institutional Investor’s All-America Executive Team for Airlines.”

Southwest Airlines Boeing 737-700 taxiing at PHX shutterstock_2458641941

Photo: Robin Guess | Shutterstock

Meanwhile, Rutherford joined the carrier as a public relations coordinator after she worked as a journalist. Her focus was on communications, including a stint as the chief communications officer (CCO), a position she held for seven years before moving on to the role of a CAO.

Her current responsibilities have included culture and communication, internal audit, people talent, and leadership, Total Rewards, technology, and Southwest University. However, A Southwest Airlines spokesperson clarified that the company does not have immediate plans to fill the CAO role.

“Among Rutherford’s myriad honors, she has received the 2023 PRWeek Women of Distinction, the 2023 Missouri Honor Medal, and the 2022 Institute of Public Relations Lifetime Achievement Award.”

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Boardroom truce

In June, Elliott began moving against Southwest Airlines’ leadership, in particular, Jordan and Gary Kelly, the former CEO and executive chairman, who retired from the latter position on November 1, 2024, accusing the current board and leadership of being responsible for the disappointing returns for shareholders.

Kelly was initially scheduled to retire following the airline’s annual shareholders meeting, which, in 2024, was held on May 15.

Nevertheless, after a months-long bitter public feud that included ‘poison pills’ and threats of calling a shareholder vote to oust the current leadership, the two sides agreed on a peace deal – or a truce, depending on future developments – in October 2024.

Southwest Airlines Boeing 737-8H4 (N8322X) taxiing at Orlando International Airport.

Photo: Wenjie Zheng | Shutterstock

Then, Southwest Airlines announced the appointment of six new directors – five of whom had been nominated by Elliott – to its board and the aforementioned accelerated retirement of Kelly. Furthermore, the carrier’s board will be reduced to 13 as of the annual shareholder meeting.

At the time, Kelly said that the airline was pleased to have reached an agreement with Elliott, which resulted in Southwest Airlines bringing in new directors who brought complementary skills and experience.

“I am confident this Board will continue to hold the leadership team accountable for executing its transformational plan and delivering financial performance.”

Rakesh Gangwal, who joined the airline’s board in July 2024 during the proxy war with Elliott, became the chair of the board on November 4, 2024.

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