After taking a 10% stake in JetBlue, activist Carl Icahn scored a win for two board seats

At JetBlue, Icahn disclosed his 9.9% ownership stake on Monday, the same day that new CEO Joanna Geraghty took over the job. It was also the same day that AEP announced its own deal with Icahn. His stakes in the two companies—and the wins—marked a public return to his well-worn activist-investing background after he weathered criticism from short-seller Hindenburg Research last year and pledged to investors that he would stick to what he does best: agitating for change on a board or in the CEO role and unlocking value for shareholders. 

In the joint statement, Geraghty said the company was working to restore its earning power. The airline has been reeling since a federal judge quashed a merger between JetBlue and Spirit Airlines a month ago. 

JetBlue shares rose 16% when Icahn disclosed his stake this week and 5.9% in after-hours trading following the announcement, reported Bloomberg.  

“We are executing more than $300 million of revenue initiatives this year, and are on track to deliver significant cost savings from our structural cost program, fleet modernization, and fixed cost base reductions,” said Geraghty, adding that JetBlue welcomes “the contributions of our new board members as we move forward with that common goal.”

Icahn said he appreciated the “constructive engagement” with JetBlue’s board and C-suite.  

“We very much look forward to working with them in the future,” he said.

JetBlue appointed Icahn Enterprises general counsel Jesse Lynn and Icahn Capital portfolio…