Icahn representatives exit JetBlue board after stake reduction

JetBlue Airways said Thursday that Jesse Lynn and Steven Miller have resigned from its board of directors, effective immediately. The airline said the departures follow an agreement with Icahn Enterprises tying board representation to a minimum ownership stake in the company.

Regulatory filings cited by the report show Icahn Enterprises has cut its JetBlue holding to about 3.3%, down from a peak of roughly 10%. According to Reuters, Carl Icahn told the airline in advance that his firm's stake would fall below the level needed to keep its board seats.

Lynn, general counsel of Icahn Enterprises, and Miller, a portfolio manager at Icahn Capital, joined JetBlue's board in 2024. At the time, Icahn was said to view the airline as undervalued. He has a long history of taking stakes in companies and pushing for operational or financial changes.

Icahn Enterprises did not publicly explain its decision to trim the stake. JetBlue has not reported a full-year net profit since 2019. The airline's turnaround efforts have reportedly been complicated by higher fuel costs linked to the Iran war.

JetBlue CEO Joanna Geraghty thanked Lynn and Miller for their contributions as the airline worked to establish and carry out its JetForward strategy, according to a statement from the company.