JetBlue has 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 chair of JetBlue’s board, Joel Peterson.
“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.”
JetBlue carries more than 42 million customers a year to nearly 100 cities in the US, Caribbean, and Latin America with an average of more than 1,000 daily flights.