Indian businessman Rakesh Gangwal, co-founder of low-cost carrier IndiGo, has been appointed independent Chair of the Southwest Airlines board of directors, replacing Executive Chairman Gary Kelly. Kelly served in this role since 2008,

A quick profile of Rakesh Gangwal, co-founder of IndiGo who played a crucial role in transforming India's airline industry with a no-frills approach and cost efficiency.

In September and early October, Gangwal bought 3.6 million shares of Southwest, with transaction prices between $29 and $30 per share, amounting to a $108 million investment, according to SEC filings.

Southwest Airlines has named Rakesh Gangwal as the independent chair of the board of directors. Gangwal, an airline executive and entrepreneur, has been a member of the Southwest Airlines board of directors since July 8.

Southwest Airlines on Monday named aviation industry veteran Rakesh Gangwal as the chairperson of its board. The airline brought in the co-founder of India's InterGlobe Aviation to its board in July after pressure from activist investor Elliott Investment Management.

Southwest Airlines has named former US Airways CEO Rakesh Gangwal as its new independent chair of the board of directors. Gangwal joined the board in July, shortly after activist investor Elliott Investment Management disclosed a stake in the Dallas-based airline and called on the company to make board changes.

Southwest Airlines (NYSE:LUV) has named Rakesh Gangwal as independent chair of the board of directors, effective immediately. “Our critical priority as a newly constituted board is to come together to work closely with Bob Jordan and the rest of the management team to return the carrier to superior financial performance,