Southwest investor asked the board to dump its CEO over the airline’s struggles. Now it wants to oust the board.

Elliott will nominate up to 10 directors and call a special investor meeting to vote on the candidates, said the person, who asked not to be identified because the plans are confidential. The activist would need to raise a 10% stake in Southwest before she could seek the meeting, which she expects to happen before the airline’s annual meeting next spring.

The proxy battle marks a major escalation by Elliott after building a large stake in Southwest earlier this year. The investor has demanded major changes, including the removal of CEO Bob Jordan and Chairman Gary Kelly. He has criticized the company for refusing to embrace changes that have spread across the industry, causing its shares to plunge over the past few years.

A Southwest spokeswoman said she had not received a response from Elliott and was not aware of its plans.

Southwest shares rose 1% at 6:38 p.m., after regular trading ended in New York. The stock had fallen 12% this year through Tuesday’s close.

The airline announced Dramatic changes Last month, Southwest made changes to its business model, including seat assignments, a new premium class option and long-haul flight plans — moves the company sees as boosting sales and enhancing its appeal. While Southwest said earlier this year it was considering the changes, it has faced increasing pressure to revamp underperforming operations from Elliott.

Southwest has struggled this year due to slowing growth, lower-than-expected aircraft deliveries from Boeing, and a series of aviation safety incidents that It is turned on. The company’s recent guidance that revenue and costs in the current quarter were worse than Wall Street estimates underscored the pressures the company is facing.

Elliott criticized Jordan and Kelly, who was CEO before Jordan, for poor execution “And a stubborn unwillingness to evolve the company’s strategy,” the activist said. “They are not up to the task of modernizing Southwest.” He also called for a restructuring of the board, criticizing the lack of aviation experience and independence among current members.

Last month, Southwest appointed a veteran airline executive to its board of directors to help address other concerns raised by Elliott. The airline also has “poison pill” A shareholder rights plan is intended to discourage activists from taking a larger stake.

the Wall Street Journal Elliot had informed him of his plans earlier.