JetBlue Airways (JBLU) is heading into a more significant phase of its comeback without one of the activist investors who helped alter its board.
Carl Icahn sharply cut his JetBlue position, selling roughly 8.13 million shares for about $40.4 million between Aug. 17 and Aug. 20, regulatory filings show. The transactions reduced the Icahn Group's interest to around 3.32%, or about 12.5 million shares, from over 10% when the activist investor initially revealed his position in 2024.
That's more than some spring cleaning.
Icahn's smaller stake fell below the amount needed to retain board presence at JetBlue. Jesse Lynn and Steven Miller, directors supported by Icahn, resigned both effective Aug. 24 after the group's ownership fell below the appropriate level, the airline said in an Aug. 27 filing with the SEC.
It is interesting timing for investors. JetBlue is aiming to show that its JetForward turnaround will restore sustainable profitability after years of strategic missteps, excessive expenses, and a failed attempt to combine with Spirit Airlines.
#jetblue #icahn #fell
Carl Icahn sharply cut his JetBlue position, selling roughly 8.13 million shares for about $40.4 million between Aug. 17 and Aug. 20, regulatory filings show. The transactions reduced the Icahn Group's interest to around 3.32%, or about 12.5 million shares, from over 10% when the activist investor initially revealed his position in 2024.
That's more than some spring cleaning.
Icahn's smaller stake fell below the amount needed to retain board presence at JetBlue. Jesse Lynn and Steven Miller, directors supported by Icahn, resigned both effective Aug. 24 after the group's ownership fell below the appropriate level, the airline said in an Aug. 27 filing with the SEC.
It is interesting timing for investors. JetBlue is aiming to show that its JetForward turnaround will restore sustainable profitability after years of strategic missteps, excessive expenses, and a failed attempt to combine with Spirit Airlines.
#jetblue #icahn #fell
2 months ago
