Southwest announced on Monday, November 4, that Gangwal would take on the role of independent Board Chair, along with naming new Board Committee Chairs. Gangwal emphasised the board’s focus on collaboration with President and CEO Bob Jordan to guide Southwest back to strong financial performance. Jordan serves as the President, CEO, and Vice Chairman of the board.
“We are embarking on the next era of change at Southwest as we build upon its many successes and storied past. Our critical priority as a newly constituted board is to come together to work closely with Bob Jordan and the rest of the management team to return the carrier to superior financial performance,” Gangwal said in a statement.
Jordan is the President, Chief Executive Officer and Vice Chairman of the board.
In September and early October, Gangwal bought 3.6 million shares of Southwest, with transaction prices between $29 and $30 per share, amounting to a $108 million investment, according to SEC filings.
With a distinguished aviation career, Gangwal began at United Airlines in 1984 and later held key roles at US Airways Group, including President and CEO. He also led Worldspan Technologies as Chairman and CEO.
An IIT Kanpur alumnus, Gangwal donated ₹100 crore to his alma mater in 2022 to establish a School of Medical Sciences and Technology.
In India, Gangwal co-founded IndiGo, but his relationship with co-founder Rahul Bhatia deteriorated, culminating in a public dispute in 2019. He resigned from InterGlobe Aviation’s board in 2022 and began gradually reducing his stake.
In August 2024, Gangwal and his family trust sold 5.83% of their stake for approximately ₹10,500 crore, bringing their combined holdings in IndiGo’s parent company, InterGlobe Aviation, down to 13.55% from 19.38%.
