Out in February, Southwest CEO says
DALLAS -- Southwest Airlines said Wednesday that longtime Chief Executive Officer Gary Kelly will step down in February and be succeeded by another veteran at the nation's fourth-largest airline.
The new CEO will be Robert Jordan, the executive vice president of corporate services. Southwest said Kelly, 66, plans to remain executive chairman at least through 2026.
Change at the top comes as Southwest and other airlines are starting to recover from the pandemic. Southwest is heavily geared to vacationers flying within the U.S. or to nearby countries, and it has navigated the downturn better than most. Thanks to federal pandemic relief, it turned a small profit in the first quarter of this year, and it has added many new leisure-travel destinations.
Jordan said in an interview that his goals are to restore Southwest's profitability to "the levels we would like and expect," repair the balance sheet -- Southwest took on debt to survive the pandemic -- and visit employees every week. He gave a stay-the-course outlook -- "We've got a wonderful strategy" -- and declined to list any major changes on his agenda.
Jordan, 60, joined Southwest in 1988.
-- The Associated Press
Vaccinate, return, banks tell workers
NEW YORK -- Wall Street's big investment banks are sending a message to their employees this summer: Get back into the office, and bring your vaccination card.
New York-based Morgan Stanley said this week that all employees will be required to attest to their vaccination status. Those who are not vaccinated will be required to work remotely, which could put their jobs at risk, since the bank's top executives have said they want everyone back in the office by September.
"If you can go into a restaurant in New York City, you can come into the office," said Morgan Stanley Chief Executive Officer James Gorman at an industry conference earlier this month.
Morgan Stanley is one of several big banks requiring vaccinated employees to return to the office. Goldman Sachs required most of its employees to return to the office on June 14. JPMorgan is asking employees to submit their vaccination records as well before returning to work at their desks.
-- The Associated Press
Arkansas Index gains 7.32 points
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 619.42, up 7.32.
"Equities closed relatively unchanged on light volume as cyclicals including consumer discretionary, financials, and energy stocks outperformed," said Leon Lants, managing director at Stephens Inc.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.