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Veteran activist investor Carl Icahn on Tuesday deepened his latest involvement in the airline industry.his icahn enterprises (NASDAQ:IEP) Two executives were successfully appointed. jet blue‘s (NASDAQ:JBLU) board of directors. This news was encouraging enough to push Icahn Enterprises stock into positive territory. The stock closed 1.5% higher, compared to a 0.6% decline the previous day. S&P500 index.
Veteran activist investor moves into JetBlue
After market hours Friday, JetBlue announced the two changes in a press release. Jesse Lin, general counsel at Icahn Enterprises, and Stephen Miller, portfolio manager at Icahn Capital, will initially serve as non-voting observers on JetBlue’s board of directors. They will become fully voting members after the airline’s annual shareholder meeting this spring.
Known as a cunning and sometimes highly successful activist investor, Mr. Icahn and his team are working quickly with JetBlue. News of the board changes comes just three days after Mr. Icahn disclosed in a regulatory filing that he had amassed just under 10% of the airline’s stock.
In his filing, Icahn wrote that he is seeking to add employees to JetBlue’s board of directors, as well as considering buying more shares in the company.
Interesting timing for new shareholder entry
Strategically, JetBlue is in some ownership pattern.Ambitious acquisition proposal for discount carrier spirit airlines It has been blocked by the Department of Justice and is currently under appeal. Spirit also has a new CEO, Joanna Geraghty, who was officially appointed last week.
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Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any stocks mentioned. The Motley Fool has a disclosure policy.
The post Why Icahn Enterprises stock rose on market downturn Tuesday was first published by The Motley Fool.
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