I changed my companion two times in one year a couple years ago. It took about a month (maybe slightly less than a month) to receive the new companion pass in the mail. Overall it did waste about 2 months of validity of the companion pass, but luckily I timed my trips with my companions so that I wouldn't need the CP for at least a month. Kind of a pain, but I can't complain about the CP since it is a great perk for ultra-frequent flyers. Now that I think about it, it would be kinda nice if SWA could do the companion passes electronically. They could link your companion to your Rapid Rewards number and only that person could fly with you until you re-designate a new companion. Then you could call up SWA and get it changed and a new companion could be added (and fly) instantly. It would have to also invalidate the previous companion simultaneously. Just something to consider WN LUVS U for the future while SWA is on their "electronic everything kick". It would be a VERY convenient extra benefit and would probably even simplify things from SWAs point of view as it would all be electronic.