The moves away from Southwest’s simple business model and quirky traditions come as airline management faces pressure from activist investor Elliott Investment Management. The hedge fund blames management for Southwest’s recent underperformance compared with its closest rivals, and wants to replace Jordan and most of the Southwest board.

Elliott Investment Management told shareholders Tuesday it is ready to go to a proxy fight with Southwest Airlines.

Representatives with Elliott Investment Management, the Florida-based hedge fund that has accumulated a 11% stake in Southwest Airlines and pushed for leadership changes, said the plan shared with shareholders represented "another promise of a better tomorrow from the same people who have created the problems we face today.

Activist investor Elliott Investment Management criticized Southwest Airlines Co.’s “haphazard” recovery strategy and said it plans to call a special shareholder meeting to vote on a potential overhaul of the carrier’s board.

A showdown between Southwest Airlines (LUV) and an activist hedge fund investor is finally coming to a head. Elliott Management says it plans to call a special shareholder meeting on Oct. 7 to secure control of the company.

Adds Southwest response. Activist investor Elliot Investment Managements plans to call for a special meeting of holders of Southwest Airlines (NYSE:LUV) as soon as a next week as it attempts to replace several board members,