Hedge fund Elliott calls for Southwest shareholders to meet and vote on its slate of directors

The second largest shareholder of Southwest Airlines on Monday called for special meeting of shareholders to vote on its slate of eight new directors, which would represent a majority of the struggling airline's board.

Elliott Management, which has been highly critical of Southwest in recent months, is pushing for leadership changes and an overhaul of the company’s strategy. Southwest has responded by making some changes, but not enough to appease the fund, which is led by billionaire investor Paul Singer.

“Absent a thorough reconstitution of its board, the story of Southwest will remain one of empty promises and unfulfilled potential,” Elliott said in a release naming its proposed directors.

The slate includes the former CEOs of Virgin America, Air Canada and Westjet as well as a former senior official at the Department of Transportation.