Southwest Airlines Executive Chairman to Step Down

Southwest Airlines said Thursday that Herb Kelleher would step down as executive chairman of the board of directors at the company's 2008 annual meeting of shareholders.

Kelleher, 76, is a founder of Southwest, the largest low-cost carrier, and has served as executive chairman since 1978. He also was president and chief executive from 1981 to 2001.

Southwest also said company president Colleen Barrett, 62, would step down from that position in 2008. Kelleher and Barrett are set to remain employed at the airline for five years, the company said.

Chief Executive Gary Kelly will remain in that position with a contract expiration date of February 1, 2011, Southwest said.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CNBC's Mary Thompson and Art Cashin, of UBS, discuss the pullback in Tuesday's trading action after Monday's record close. There's concern we are going to see increased volatility, warns Cashin.

  • CNBC's Phil LeBeau breaks down Toyota's February's sales figures, just shy of expectations.

  • Prime Minister of Israel Benjamin Netanyahu is expected to address Congress at 11 AM ET. Amb. Marc Ginsberg, former White House Advisor and One Voice Movement CEO, previews the warning.