Bob Jordan survives activist fight

Southwest Airlines is breathing easier today after announcing a deal with activist investor Elliott Investment.

Between the lines: The settlement ends a highly public four-month fight and the prospect of a costly proxy battle.

• Southwest agreed to add five of Elliott's proposed directors to the company's board, as well as an additional new independent director.
• A new independent board chair will be named, with executive chair Gary Kelly set to step down as a director to become chair emeritus.
• But in a win for Southwest, CEO Bob Jordan — who had been in Elliott's crosshairs — will stay on the job.

Market impact: Southwest's shares closed down 5.6% today following news of the truce.