Two Icahn-linked directors leave JetBlue board as investor trims stake

Two directors associated with activist investor Carl Icahn have resigned from JetBlue Airways' board following a significant reduction in his stake in the carrier.

Jesse Lynn, general counsel of Icahn Enterprises, and Steven Miller, a portfolio manager at Icahn Capital, had joined the board in 2024 after Icahn acquired roughly 9.9% of JetBlue's outstanding shares. According to filings with the US Securities and Exchange Commission, his holdings have since fallen to about 12.5 million shares, or roughly 3.3% of the company, a level below what the original agreement required to retain board representation.

Filing data cited in reporting suggests Icahn's sales over the roughly two-and-a-half-year period produced only a modest profit, likely trailing the broader stock market's performance across the same span.

In a statement, Icahn said he appreciated JetBlue's partnership as the airline reshaped itself, adding that he looks forward to seeing the carrier continue its JetForward strategy. JetBlue chief executive Joanna Geraghty thanked the departing directors for their contributions and said the company remains encouraged by progress made two years into the JetForward initiative.

With the two resignations, JetBlue's board now numbers 11 members, of whom 10 are described by the airline as independent.

Icahn is known across industries for activist investing, and in aviation history for his contentious takeover of Trans World Airlines during the 1980s.