Coinbase CEO: Crypto Adoption Could Reach 2 Billion People in the Next Decade

Southwest Airlines, which recently cancelled 17,000 flights and lost $825m, has not fired any executives or made significant changes to its board following the crisis, causing concern that it has failed to learn important lessons. CEO Bob Jordan saw his total compensation increase by 75% to $5.3m last year, with his cash bonus jumping 89%. Speaking to the press after the crisis, COO Andrew Watterson promised that executive bonuses in 2022 would be reduced due to the meltdown, but SEC filings show that Jordan’s compensation increased anyway. Although Southwest launched a PR campaign after the crisis and hired consultants to identify the problems, the focus has been operational issues, with a committee formed to oversee operations review. However, critics say the airline has ignored digital governance gaps and failed to incorporate technology into its strategy. The average age of the board is over 68, and the board has not formed a technology committee, despite the technology being central to strategy acceleration. Southwest’s management incentive plan does not hold the C-suite accountable for catastrophes, and the compensation committee has shown no intention of changing the scorecard structure despite the airline’s problems. Southwest’s failure to address these issues has raised concerns among analysts that it is underprepared for the digital era and will be unable to compete with more agile airlines.