Southwest CEO named chairman

Southwest Airlines Co. named Chief Executive Gary Kelly chairman, succeeding Herb Kelleher, the co-founder of the low-fare carrier who is leaving the board after 41 years.

Kelleher, 77, will remain an employee for five more years at the Dallas airline. Kelly, 53, previously was vice chairman.

Kelly takes full charge of Southwest as he extends a series of changes designed to boost revenue in response to rising fuel and labor costs.