Feb 19 (Reuters) - Southwest Airlines LUV.N said on Wednesday its chief transformation officer, Ryan Green, will step down from his role, months after the carrier reached an agreement with activist investor Elliott Investment Management.

The Dallas-based budget airline also amended the cooperation agreement with Elliott, raising the investor's maximum allowable stake to 19.9% from the previous limit of 14.9%.

Green, who was in charge of the airline's transformation strategy including its transition to assigned and premium seating, will step down from his position effective April 1, 2025, the company said in a filing.

His exit comes days after the airline said it would cut about 15% of corporate jobs, or about 1,750 roles, as it looks to reduce costs and streamline its organizational structure.

Elliott had spent months advocating for a board overhaul and the removal of Southwest Chairman Garry Kelly and CEO Bob Jordan, holding them responsible for the airline's underperformance.

Last October, Southwest and Elliott ended the bitter months-long boardroom battle, allowing Jordan to retain his job by making bigger board-level concessions. The deal led to Kelly accelerating his retirement by a few months.

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Saumyadeb Chakrabarty)

((Anshuman.Tripathy@thomsonreuters.com;))