Activist investor Carl Icahn gives up JetBlue board seats

JetBlue Airways said on Thursday two members of its board of directors, Jesse Lynn and Steven Miller, will step down effective immediately, as part of the airline's 2024 agreement with activist investor Icahn Enterprises.

In 2024, JetBlue agreed to appoint two members from activist investor Carl Icahn's firm to its board, avoiding a proxy fight. Icahn disclosed a stake of about 10% in the airline in 2024, which has since fallen to 3.32%, according to LSEG data.

Icahn at the time said shares of JetBlue were undervalued, saying the airline represented an attractive investment opportunity. He has made a career out of buying companies he sees as undervalued.

“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.

Jesse Lynn is general counsel of Icahn Enterprises and Steven Miller is a portfolio manager of Icahn Capital.

After their departures, the JetBlue board will be comprised of 11 members, 10 of whom are independent.