Activist Elliott seeks 10 board seats at Southwest Airlines (NYSE:LUV)

Update 9:05pm: Adds Elliott confirmation.

Activist Elliott Investment Management is preparing to start a proxy fight at Southwest Airlines (NYSE:LUV).

The prominent activist fund plans to nominate 10 director candidates for the airline’s 15-person board, according to a statement from the Elliott on Tuesday. Elliott is expected to call for a special meeting to allow holders to vote on the nominees.

The nominees include four former airline CEOs and Deputy CEOs and six candidates with expertise in technology, hospitality, consumer-focused businesses, labor relations and regulatory oversight. The candidates include Michael Cawley, the former deputy CEO, COO and CFO of Ryanair, David Cush, the former CEO of Virgin America, Robert Milton, the former CEO of Air Canada, and Gregg Saretsky, the former CEO of WestJet.

“When nominated, these Candidates would give shareholders a choice between the Company’s existing Board, which has delivered poor returns for shareholders and has not held management accountable for Southwest’s unacceptable performance, or a new Board that brings relevant expertise, fresh thinking and accountability,” Elliott said in the statement.

The news comes as Elliott in June confirmed that it had a $2 billion stake in Southwest (LUV) and the activist pushed for the airline to do a business review and believes the airline stock can reach $49 a share. Elliott called for new leadership, including the company’s CEO Bob Jordan and Chairman Gary Kelly.

Elliott still wants Jordan and Kelly to be replaced, though is now focused on retooling the board, according to the WSJ report on Tuesday, which first reported the news of the proxy fight.

Late last month, Elliott Management said Southwest Airlines’ (LUV) “revenue-enhancing initiatives” that would ditch open seating were “too little, too late,” as the measures come more than a decade late and after a 50% decline in its share price.