Transportation
JetBlue, Icahn Reach Deal to Give Activist Two Board Seats
- Pact heads off proxy fight over money-losing carrier’s future
- Airline future in flux after Spirit Air deal blocked by US
Carl Icahn
Photographer: Victor J. Blue/Bloomberg
This article is for subscribers only.
JetBlue Airways Corp. agreed to give two board seats to Carl Icahn, heading off a potential proxy fight after the activist investor revealed a nearly 10% stake in the carrier.
Jesse Lynn, general counsel of Icahn Enterprises, and Steven Miller, portfolio manager with Icahn Capital, will join the carrier’s board, JetBlue said in a statement Friday. The duo will serve initially as non-voting observers before gaining full voting rights after JetBlue’s annual shareholder meeting this spring, the company said. Their addition will expand the airline’s board to 13 members.