of our directors are retiring, almost immediately after the next board meeting in november, and gary kellyes immediately after the 2025 annual meeting jim, interesting here because in his letter, in his very long letter, mr. kelly does reference the fact he met with elliott investment management in the new york offices to meet in person, commence a protective dialogue but that's it. then they basically told him, hey, this is what we're doing. they didn't really have a dialogue leading up to this where you would have thought perhaps if they were willing to have six directors leave the board, they might have been able to come to a settlement. >> i think one of the problems is it was not gary kelly was the problem, according to my sources. >> tell me what you hear >> bob jordan. >> bob jordan. >> not gary kelly. >> they continue to endorse bob jordan as the ceo. now, obviously, if you're elliott, you have to view this in a positive light in the sense of southwest went out to its shareholders, they clearly heard something that said to them, this is not what we like they came back and now six d

some breaking news for you southwest airlines executive chairman gary kelly will retire from the board after pressure from activist investor eliot management southwest will also decrease the size of its board to just nine members. that stock right now up by about 12 cents the european union's top court ruling that apple must pay $13 billion euros in back taxes. that's stems from a long-running lawsuit over apple's tax affairs in ireland goes back more than a decade that announcement came just hours after apple unveiled its latest suite of smartphones, alongside several versions of the iphone 16, apple will make its first set of ai features known as apple intelligence available in a free software update next month. >>> vice president harris' support for a tax on the unrealized capital gains of the richest americans is the subject of a "wall street journal" op-ed. you would pay harris' wealth tax, warning of a potential negative impact to all investors. joining us now is one of the authors, hal scott his committee on capital markets regulation president and a harvard law school professor

lauren: down 3.5% as executive chair gary kelly will leave the position next year. this is part of a shakeup after the activist investment management calls for change in the airline. gary kelly, to me is synonymous with southwest. he's been with the airline almost 40 years. and now he is out. stuart: the space x polaris don, the crew traveling through space now, the private mission will include the first-ever commercial spacewalk. details on that. united steelworkers union is against selling to a japanese company. that's not the case for steelworkers themselves. lydia has that report coming up next. ♪ ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching

moving on to southwest, southwest airlines yesterday said that the executive chairman gary kelly willire next year. now he has worked at southwest for almost four decades. has been chairman since 2008. now southwest has been struggling with fierce competition, also plane delivery issues from boeing and they have been under pressure, calling for changes. there will be a change in the board members. six will be retiring and four will be joining late they are year. there have been a lot of pushes on southwest. investors say they want to see more changes. >>> sony unveiled an upgraded version of the playstation 5. it features more storage and will go on sale november 7 for $700. >>> still to come, larry david is pulling up to the curb in a city near you. and >>> hey, kids, voting is fun. the ggbiest star in the world endorses a candidate with less than two months before election day. use some metamucil. metamucil's psyllium fiber helps keep your digestive system moving so you can feel lighter and more energetic. metamucil keeps you movin'. and try fizzing fiber plus vitamins. [instructor]

yesterday in new york southwest, the executive director who's been at the airline for 38 years, gary kellyeaving in 2025, six directors leaving the board in november southwest is committing to appointing four independent directors and they may consider some of the candidates from elliott management but not saying those four are definitely going to be elliott management directors. what does this mean for ceo bob jordan that's a good question the board issued a strong statement saying he has the confidence of the board of directors he said i'm not going anywhere i believe in the changes we've put in place at the airlines, we heard about some of them we'll hear about more of the changes that bob jordan and his team have in place on september 26th, that's investor day, and bob said to me many times what we've already announced is just the start. back to you. >> you were looking at the stock, it had a good run off the lows from early august but i wonder what the -- >> yeah. >> street's take away is here. i guess maybe it's a protracted timeline in terms of when the board changes will happen and

. >>> shares of southwest down more than 3% on news that its chair and former ceo gary kelly will stepn next year, as elliott management has been pushing for changes at the airline. more on "the exchange" after this >> this is "the exchange" on cnbc (man) look at this silly little sailboat... these men of means with their silver spoons, eating up the financial favors of the 1%. what would become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash unlimited deposit bonuses and handsome retirement matching? ♪ they would descend into chaos. merciless chaos. ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xf

former southwest ceo and current executive chair gary kelly forced to retire basically after the company'seting next year. southwest also announced six board members will leave in november. four new members will be appointed. elliott wants more than that. they are demanding 10 seats and have put up names including four former airline ceo's and they want ceo robert jordan out of the c-suite. elliott blames jordon and the board for the 52% hit the stock has taken since april of 2021 as the budget-friendly airline waves the white flag, let's call it egg shell color flag. the founding father of discount airfares is here to weigh in frank lorenzo is the author of "flying for peanuts" the story of how the son of spanish immigrants put himself through college by driving a coca cola truck to eventually running texas international airlines and running continental airlines from 1981 to 1990. the capital founder and chairman joins me now, first on fox business. frank, welcome to the show, thanks for coming. >> thank you, liz. liz: big news with the elliott pressure on southwest. what do you make of t

his hastily recruited directors, and almost half the board is going to resign in november, and gary kellyeo, is going to step down as exec chair in may. "let us be clear. whatever difficult decisions management has decided must be made, they are the product of a failed management team that has delivered years of deteriorating performance and is now taking any action no matter how shortsighted they believe will preserve their own jobs." that's pretty strong language. elliott is running ten directors in that proxy fight, and was not -- was not satisfied by that move that southwest made where almost half the board announced their plans to leave roughly a month, month and a half from now, and then kelly in may. they did respond, southwest did, saying, "southwest made every effort to reach a constructive resolution, including over a dozen phone calls with elliott representatives, several in-person meetings, and an offer for elliott to participate in the company's board refreshment process and understand its views" before even speaking with ceo bob jordan or hearing about the company's plans, "

gary kelly will voluntarily retire from the board after the trade 25 meeting.stronauts heading to space aboard the spacex falcon nine rocket to conduct the first fully commercial space walk testing spacesuit technology. the capsule is intended to apply an elliptical path around the earth at 870 miles. that is the furthest flight from the surface of the earth since the apollo program ended in 1972. that is your brief. jonathan: up next, we will set you up for the day and the week ahead and get you the preview of the big debate in philadelphia at 9:00 eastern. ♪ the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo jonathan: stocks positive a quarter of 1% on the s&p 500. the opening bell 38 minutes away. the agenda, the day ahead, the week ahead. at 9:00 tonight vice president harris and former president trump facing off in their first debate. wednesday the

garis' work on gun control in california is why voter kyle kelly is supporting trump.most of what i knew about her was what she was doing on gun control in california and what she was doing to push all these new rules and laws and obviously. i against everything she did. voter lily smalgaiser says garis's commitment to personal liberties makes her the best candidate. i believe that reproductive rights are extremely important. also, i belong to the lgbt community and i think things will get better if she becomes president. but california congresswoman kathy wilmont says garis failed. immigration issues in both california and washington. she was supposed to be in charge of protecting our border from the very beginning of the biden presidency, and i still don't know has she been there in 2024, california remains a heavily democratic state . the democratic party is expected to win the presidential vote there, as well as a vacant seat in the us senate. however, the state's greater influence may lie in how. california for voters in other states. yuriy melnyk, jinia dulot, vo