Two representatives of businessman and investor Carl Icahn are departing JetBlue’s board of directors after his company, Icahn Enterprises, cut its investment in the airline.
JetBlue announced Thursday that Jesse Lynn and Steven Miller have stepped down “effective immediately.” The carrier said their resignations are in line with an agreement with Icahn Enterprises requiring “a minimum beneficial ownership of the company’s outstanding shares” to maintain representation on the board.
Icahn Enterprises once owned 10% of JetBlue, but that stake has been cut to around 3.3%, recent regulatory filings show. According to Reuters, Icahn notified the airline ahead of time that he was reducing his investment below the threshold needed to hold his board seats.
Lynn and Miller joined JetBlue’s board in 2024. Lynn is general counsel of Icahn Enterprises, and Miller is portfolio manager of Icahn Capital.
At the time, Icahn viewed JetBlue as potentially undervalued. He is well known for investing in companies and then pushing for changes to improve profitability.
Icahn Enterprises did not say why it has reduced its stake in JetBlue, but the airline’s recent struggles are well known. It has not posted a full-year net profit since 2019, and higher fuel prices stemming from the Iran war have bogged down turnaround efforts.
“We appreciate the constructive contributions of Jesse and Steven as we established and began to execute our JetForward strategy,” JetBlue CEO Joanna Geraghty said in a news release. “Two years into JetForward, we’re encouraged by the progress we’re making and the results we’re driving across the business, and we have demonstrated our confidence in our value creation opportunity through our 2028 EPS target.”
“We appreciate the constructive partnership with JetBlue over the years as they have reshaped the airline and we look forward to seeing them continue to successfully execute the JetForward strategy,” Icahn said in a statement.
With Lynn and Miller gone, JetBlue’s board will be reduced from 13 members to 11, JetBlue officials said.
