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JetBlue Board Picks Tied to Carl Icahn Resign as Activist Investor Trims Stake
JetBlue announced the immediate resignation of two board members appointed by Carl Icahn after the activist investor reduced his stake in the airline.
JetBlue said Thursday that Jesse Lynn, general counsel of Icahn Enterprises, and Steve Miller, a portfolio manager at Icahn Capital, have resigned from the carrier's board of directors. The departures are effective immediately.
Icahn, who nominated the two directors after building a stake in JetBlue, said in a statement that he appreciated the constructive partnership with JetBlue and looked forward to seeing the airline successfully execute its JetForward strategy. JetBlue CEO Joanna Geraghty said Thursday that the carrier would continue working toward its strategic goals.
The board shakeup follows Icahn's reduced investment in JetBlue. The airline's stock has continued to slide since he first disclosed his position, and his campaign has not matched the success of his activist efforts at Southwest Airlines.
The resignations add to a period of transition for JetBlue, which is pursuing a planned merger with Spirit Airlines. The carrier has said the combination would help it grow, and technology partner Sabre has expressed confidence in supporting JetBlue's expansion under the merger plan.