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 ...

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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 appointed Rakesh Gangwal as the independent Chair of the Board of Directors and named new Board Committee Chairs following a restructuring deal with Elliott Management.

Before joining Southwest’s board in July, he served on the boards of US Airways Group, CarMax, Office Depot, OfficeMax, and PetSmart. Gangwal was previously the CEO and chairman of US Airways Group and holds an MBA from the Wharton School of the University of Pennsylvania.

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