Southwest Airlines announced the adoption of a shareholder rights plan, or "poison pill," in response to activist investor Elliott Management's push to remove CEO Bob Jordan and Chairman Gary Kelly. This plan will only be triggered if Elliott or another investor acquires at least 12.5% of the company, allowing shareholders to purchase new shares at a 50% discount. Elliott, with an 11% stake in Southwest, criticized the airline's underperformance compared to competitors. Southwest cited concerns about Elliott's potential to increase their stake through antitrust filings as the reason for implementing the poison pill. Despite Southwest's struggles with market competition and delayed plane deliveries, the board supports current leadership. Elliott's history of successful activism at companies like AT&T and Salesforce underscores the significance of their involvement. Southwest's move reflects a common response to activist threats in the corporate world.