Airline investors know well that Southwest Airlines (LUV) has had a particularly rough year.
After the activist investor Elliott Investment Management last June disclosed a roughly 11% stake in the airline valued then at $1.9 billion, the firm publicly called to oust Chief Executive Bob Jordan and then Chairman Gary Kelly.
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That call stemmed from what Elliott called “poor execution and leadership’s stubborn unwillingness to evolve” amid a string of lagging financial quarters.
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New Southwest Air CFO joins in March
Jordan has managed to remain at the helm even as Elliott has repeatedly threatened to hold a special shareholder meeting to vote on his ouster. In October he’d agreed to an executive reshuffling in which Kelly took early retirement and Southwest replaced six board members with Elliott’s candidates.
These include former Ryanair (RYAAY) CEO Michael Cawley and New York City Transit Authority CEO Sarah Feinberg.
Related: Southwest Airlines ‘Succession’-style investor battle takes first victims
Southwest has now named Tom Doxey executive vice president and chief financial officer. Doxey, former president of Southwest rival Breeze Airways (BREZ) , takes on the challenge of keeping Southwest profitable during challenging times for low-cost airlines.
Doxey succeeds Tammy Romo, who is retiring. She joined Southwest in 1991 and was named EVP and CFO in September 2012.
After a number of unprofitable quarters, Southwest in late January reported full-year net income of $465 million.
Doxey steps in as EVP and CFO on March 10.
New Southwest CFO’s resume
Doxey’s resume also includes a long tenure at United Airlines (UAL) , where he was senior vice president of technical operations and chief financial officer of operations. He also held roles at Allegiant Air (ALGT) and U.S. Airways.
During Doxey’s time at Breeze, he followed other budget airlines in launching a new loyalty program and co-branded credit card for frequent flyers.
“Tom’s expertise in financial planning, fleet management and operational leadership makes him a tremendous asset to our executive team as we drive progress on our transformational plan,” Jordan said.
The CEO expressed hope that the appointment would show Southwest’s “deep commitment to our employees, the investment community, and our shareholders.”
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Elliott has not publicly commented on the appointment. But given that its biggest criticism of Southwest’s leadership came down to what it considered poor financial management, Doxey might well be another choice the investment firm supported to get Southwest back on track for the long term.
Last fall, the investment firm wrote of its dispute with Southwest: “The need for thoughtful, deliberate change at Southwest remains urgent, and we believe the highly qualified nominees we have put forward are the right people to steady the board and chart a new course for the airline.”
Six months ago Doxey took to LinkedIn to say that he had stepped down from his role as president of Breeze and would advise the airline’s leadership team.
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