Southwest Airlines reached a settlement with an activist investor by agreeing to overhaul its board, ending — at least for now — a monthslong fight with Elliott Investment Management, which is pressuring the airline to boost profits and the stock price.

Southwest Airlines reached a settlement with an activist investor by agreeing to overhaul its board, ending — at least for now — a monthslong fight with Elliott Inv

Southwest said Chairman Gary Kelly and six current board members will depart Nov. 1, to be replaced by candidates backed by Elliott Investment Management.

Kelly's retirement and Southwest's appointment of six new board members follow mounting pressure from hedge fund Elliot Investment Management.

Southwest Airlines has given in to demands from Elliott Investment Management after months of an ongoing battle and agreed to restructure board leadership in a new settlement.

The airline gave the activist a significant presence on its board but not the majority control the hedge fund initially sought.