Southwest Airlines has named Rakesh Gangwal as the independent chair of the board of directors. Gangwal, an airline executive and entrepreneur, has been a member of the Southwest Airlines board of directors since July 8.

Southwest Airlines has named former US Airways CEO Rakesh Gangwal as its new independent chair of the board of directors. Gangwal joined the board in July, shortly after activist investor Elliott Investment Management disclosed a stake in the Dallas-based ...

Gangwal has served on Southwest’s board since July and his appointment as the board’s chair comes after Kelly and six other directors retired Nov. 1. Co-founder and CEO Herb Kelleher held the position from 1978 to 2008, followed by Kelly, according to our partners at the Dallas Business Journal.

Southwest Airlines has given in to demands from Elliott Investment Management and agreed to restructure its board leadership after battling for months over the future of the company, according to a settlement deal unveiled Thursday.

Southwest Airlines on Monday named aviation industry veteran Rakesh Gangwal as the chairperson of its board. The airline brought in the co-founder of India's InterGlobe Aviation to its board in July after pressure from activist investor Elliott Investment Management.

The new chair of the Dallas-based airline's board is the billionaire co-founder of the largest airline in India.