Longtime leaders at Southwest Airlines are out

Southwest Airlines announced on Thursday that two of the company’s longtime executive officers have made plans to retire.

The announcement follows Tuesday's news that the airline has sold 36 of its Boeing 737-800 and put them in a leaseback agreement to raise cash.

Executive Vice President & Chief Financial Officer Tammy Romo and Chief Administration Officer Linda Rutherford will retire from their positions effective April 1.

"For more than three decades, Tammy and Linda have led our organization with vision, integrity, and an unwavering commitment to excellence," said Bob Jordan, president, chief executive officer, & vice chairman of the Board of Directors at Southwest Airlines. "Both have managed the company through highs and lows—and Southwest Airlines is better because of their influence on many of our most significant achievements. We are grateful for their contributions, which will shape our future for years to come."

During an Investor Day event in September, airline management introduced a transformational plan titled 'Southwest. Even Better.’ In addition, the company’s COO Andrew Watterson said in a video message to staff that “difficult decisions” are coming to boost profits.

According to a CNBC article, the carrier was also facing pressure from activist Elliott Investment Management, which has sought leadership changes at the company.

Tammy Romo

Romo joined Southwest Airlines in 1991 and has held many leadership roles in the past 33 years, including Head of Investor Relations, Controller, Treasurer, and Senior Vice President Planning. She became Executive Vice President & Chief Financial Officer in 2012, and since that time, has been responsible for overseeing the airline's finance activities and initiatives, as well as Supply Chain Management, Corporate Strategy, Fuel Strategy & Management, Fleet Strategy & Management, and Environmental Sustainability.

Southwest will begin a search for Romo's replacement.

Linda Rutherford

Rutherford came to Southwest in 1992 as a Public Relations Coordinator after time spent working as a news journalist. At Southwest, Rutherford has focused largely on the communications space, including serving as the Chief Communications Officer for seven years before assuming her current role as Chief Administration Officer. In her current capacity, Linda oversees Culture & Communications, Internal Audit, People, Talent & Leadership, Total Rewards, Technology, and Southwest University.

Southwest did not mention a replacement for Rutherford in a company press release.