Sat, Jul 21, 2007
Founders Kelleher Agrees To Stay On One Final Year At SWA
Helm
The Board of Directors of Southwest Airlines announced Thursday
details of its new employment contracts with Executive Chairman
Herb Kelleher, President and Corporate Secretary Colleen Barrett,
and Vice Chairman and Chief Executive Officer Gary Kelly.
Herb Kelleher, 76, will continue as Executive Chairman of the
Board for one more year then will step down from that position at
the Company's 2008 Annual Meeting of Shareholders. Kelleher is a
Founder of Southwest Airlines and has served as Executive Chairman
since 1978, said the company.
Colleen Barrett, 62, will continue as President for one year and
will step down from that position on July 15, 2008. Barrett has
served as Secretary of the Corporation since 1978; Vice President
Administration from 1986 to 1990; Executive Vice President
Customers from 1990 to 2001; and President since 2001.
Gary Kelly, 52, will remain CEO with a contract expiration date
of February 1, 2011. Kelly began his career at SWA as
Controller in 1986; was named Vice President Finance and CFO in
1989; Executive Vice President and CFO in 2001; and CEO and Vice
Chairman in July 2004.
After relinquishing their current management and Board positions
in 2008, Kelleher and Barrett will remain for five years as
employees of the airline they nurtured from the very beginning,
working fulltime at the Company's Dallas headquarters.
"After 41 years as an Officer and Director of Southwest
Airlines, I will be resigning from those positions as of our
Shareholders' meeting in May 2008," Kelleher said. "Why? Because
our organizational transition that began in 2001 will then be
complete and because I have unalloyed respect for, and confidence
in, our CEO Gary Kelly and his superb cadre of Southwest Officers.
Southwest's future is bright -- and so are they!"
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