A JetBlue Airways plane prepares to take off from the Fort Lauderdale-Hollywood International Airport on January 31, 2024 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images
Carl Icahn won his push for seats on JetBlue Airways’ board of directors, in keeping with a press release from the airline Friday, days after disclosing an almost 10% stake within the Recent York-based airline and that he was in talks for board representation there.
The 2 latest directors are Jesse Lynn, general counsel of Icahn Enterprises, and Steven Miller, a portfolio manager of Icahn Capital.
Shares of JetBlue were up about 4% in after-hours trading following the announcement.
The JetBlue investment is not Icahn’s first investment within the airline industry. In one in all his more infamous activist campaigns, the company raider took TWAÂ private within the late Nineteen Eighties, and the airline struggled and filed for bankruptcy.
Icahn said in disclosing his JetBlue stake that he believes the shares are undervalued. JetBlue’s stock is down greater than 19% during the last 12 months as of Friday’s close. The NYSE Arca Airline Index, which tracks the broader sector, is up about 7% over the identical period.
JetBlue’s latest CEO, Joanna Geraghty, took the helm Monday, and the carrier has appointed a pair of airline veterans to get it back on target.
“Constructing on our distinct brand and unique value proposition, we’re focused on delivering value to our shareholders and all of our stakeholders, and we welcome the contributions of our latest board members as we move forward with that common goal,” Geraghty said in a press release on Friday.
JetBlue hasn’t posted a profit since before the pandemic and has been cutting costs, attempting to turn into more reliable after a post-Covid travel surge and a blocked merger with budget carrier Spirit Airlines. A federal judge last month ruled against a mix of the 2 airlines, citing reduced competition.
JetBlue had argued it needed the tie-up to assist it compete against the most important American carriers. JetBlue and Spirit are appealing the judge’s ruling.
