Three Directors to Retire; Peter Boneparth to
Succeed Joel Peterson as Board Chair; New Independent Director
Nominated
JetBlue (NASDAQ: JBLU) today announced changes to its board of
directors aligned with the company’s new governance guidelines,
which the company recently revised to enhance the independence of
the board.
“After a thorough and thoughtful review process, our board
adopted revised guidelines, including limits on tenure and an
age-based retirement threshold, to assure the independence and
objectivity of our board,” said Joel Peterson, chair of JetBlue’s
board. “The right blend of fresh thinking, experience, and
expertise will assure that our board is consistently providing the
best possible support to leadership as we drive long term value
creation for the benefit of all our important stakeholders.”
Consistent with the new guidelines, Joel Peterson, Frank Sica
and Stephan Gemkow will retire from the board at the end of their
current term. Peter Boneparth will succeed Peterson as chair.
Robert Leduc has been nominated as an independent director and will
stand for election at the annual meeting of stockholders in
May.
In addition, JetBlue announced that Chief Executive Officer
Robin Hayes has agreed to extend the term of his employment
contract for an additional year through July 2022.
“Robin has done an incredible job of leading JetBlue and we are
pleased he has agreed to extend his contract for an additional
year,” Peterson said. “He is executing a long-term strategy for
JetBlue with a strong leadership team that respects the unique
brand we’ve built while positioning the business to deliver
financial results for our crewmembers and shareholders.”
Peterson, Sica and Gemkow to Retire From Board
Peterson, Sica and Gemkow will retire from the board at the end
of the current term, which expires on the date of the annual
meeting of stockholders in May. Peterson joined the board in 1999,
and has served as chair since 2008. Sica has served on the board
since 1998. Gemkow joined the board in 2008, filling one of two
board seats for Deutsche Lufthansa AG as a result of the company’s
strategic investment in JetBlue.
“I’d like to thank Joel, Frank and Stephan for their
contributions and service to the board over the years,” said Robin
Hayes, chief executive officer, JetBlue. “As founding board
members, Joel and Frank were incredible assets to JetBlue as they
guided the company through difficult challenges during our early
years from 9/11 to the recession in 2008. Joel not only teaches
about leadership, but he has personally shown us what it means to
be a great leader. We have learned so much from Frank and we are
grateful for his role in making JetBlue a financially sustainable
company, especially during the economic cycles that hit the airline
industry particularly hard. With his deep airline experience,
Stephan has been a highly valued voice on the board. He initially
joined to fill one Lufthansa’s board seats during a very difficult
period for JetBlue and the global economy, but even as Lufthansa
exited its investment in 2015, the board asked him to continue
serving given their deep respect for the valuable insights he
brought to the table.”
“It has been an honor serving as chair of such a remarkable
company,” Peterson said. “JetBlue is one of my proudest leadership
and culture case studies. I’d like to thank Frank and Stephan for
their contributions and for the collaboration we’ve shared in
building this incredible airline. We are passing the torch at a
time when JetBlue is stronger than ever and ready to thrive into
the next decade.”
“Helping build a company like JetBlue is a highlight of my
career and I’m proud of all that we have accomplished in a very
difficult industry,” Sica said. “It wasn’t always easy but there
was never a moment that I didn’t love working with the JetBlue
board and the leadership team as we built an airline no one thought
could survive.”
“It’s been an honor to serve on the JetBlue board through such a
transformative time for the airline and for U.S. aviation,” Gemkow
said. “Despite being a small player in the industry, JetBlue has
had a significant impact on the landscape over the past two decades
while remaining a beloved brand and a great place to work. I have
no doubt the future of this great business is very bright as the
company continues to expand and evolve.”
Board Chair Transition
The board of directors named Boneparth to succeed Peterson as
chair of the board effective after the end of the current term,
which expires on the date of the annual meeting of stockholders in
May. Peterson will support the transition over the next few
months.
“I’m very happy to be passing the baton to Peter, whose voice on
the board is characterized by his thoughtfulness for our
crewmembers, customers, and shareholders,” Peterson said. “I know
JetBlue is in very good hands with Peter leading the board and the
leadership team.”
“Peter has also been a trusted advisor to me for many years, and
I look forward to working with him in this new capacity as he takes
over as chair,” said Hayes. “He is respected by all of us at
JetBlue and those on the board.”
“It’s humbling to follow Joel in the role of board chair,” said
Boneparth. “I look forward to working with the board and the
leadership team as we build on our 20 years of success. JetBlue’s
beloved brand, unique crewmember culture, and commitment to cost
discipline are essential ingredients as we position the airline as
a sustainable competitor to the four large carriers and build
shareholder value.”
Boneparth joined the JetBlue board in 2008 and has chaired the
audit committee since 2010. He currently sits on the board of
Kohl’s Corp. He served as president and CEO of the Jones Apparel
Group, a leading designer and marketer of apparel brands. Prior to
that, he served as CEO of Jones Moderate Division and was CEO,
president, and a board member of McNaughton Apparel Group.
Robert Leduc Nominated for Election as Independent
Director
The JetBlue board has nominated Robert Leduc as an independent
director to be voted on by shareholders at the annual meeting of
stockholders in May.
Leduc recently retired as president of Pratt & Whitney, a
role he held since January 2016. Previously he served in a number
of senior executive roles for more than 38 years at United
Technology Corp., including president of Sikorsky Aircraft. He
began his career in aerospace engineering at Pratt & Whitney,
holding roles of increasing leadership responsibility in program
management, strategy and customer support before being named Senior
Vice President, Engine Programs & Customer Support in 1995. In
2000, he was appointed President of Large Commercial Engines and
Chief Operating Officer. He is a member of the board of the
Connecticut Science Center, and he established the Robert and
Jeanne Leduc Center for Civic Engagement at the University of
Massachusetts Dartmouth. He earned a B.S. degree in mechanical
engineering from Southeastern Massachusetts University (now UMass
Dartmouth) and an honorary doctorate in business from the
University of Massachusetts.
“Bob brings a deep level of understanding of the global
landscape of airlines after working with major carriers during his
time at Pratt & Whitney,” Hayes said. “I look forward to
working with him in this new capacity and believe our board will
benefit from the valuable insights he will have to share.”
About JetBlue Airways
JetBlue is New York's Hometown Airline®, and a leading carrier
in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach),
Orlando, and San Juan. JetBlue carries more than 42 million
customers a year to nearly 100 cities in the U.S., Caribbean, and
Latin America with an average of more than 1,000 daily flights. For
more information, please visit jetblue.com.
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