Southwest Airlines struck a truce with Elliott Investment Management, giving the activist a significant presence on its board but not the majority control the hedge fund initially sought. The settlement announced Thursday deflects a potentially rancorous proxy fight and ends the acrimonious four-month battle over whether Southwest’s management is capable of pulling the airline out of a funk.

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. Longtime CEO and executive chairman Gary Kelly and six directors will accelerate their retirements to Nov.

The carrier’s concessions will avert a proxy fight in exchange for naming six new directors. Notably, Southwest CEO Bob Jordan will keep his job.