President & COO Joanna Geraghty to succeed
Robin Hayes, effective February 12, 2024
Company reiterates fourth quarter 2023
guidance
JetBlue Airways (NASDAQ: JBLU) today announced that Joanna
Geraghty, currently the company’s president and chief operating
officer, will succeed Robin Hayes as chief executive officer,
effective February 12, 2024. Hayes will continue to serve on the
company’s Board of Directors until that time, at which point
Geraghty will join the Board. Hayes will serve as a strategic
advisor to the company over the coming months.
Hayes said: “It’s bittersweet to retire from this airline I
love, but I will always feel a part of the JetBlue team and be
rooting for its continued success. For nearly 35 years – both at
British Airways and here at JetBlue – I’ve loved working in this
industry. However, the extraordinary challenges and pressure of
this job have taken their toll, and on the advice of my doctor and
after talking to my wife, it’s time I put more focus on my health
and well-being. I am deeply grateful for these many exciting years
and I feel very lucky to have worked at an airline with a brand,
culture, and team that are simply unlike any other in the
world.
“It has been a privilege to lead JetBlue for the past nine
years, and I am proud of all we have accomplished. With a rigorous
succession plan in place, the board and I are confident that Joanna
is more than ready given her critical role in running JetBlue’s
day-to-day business and positioning the airline for success. She
guided the operation through the most turbulent time in airline
history, has overseen the development and execution of new
commercial initiatives, and has tirelessly worked to make JetBlue a
better place for our crewmembers and customers. She has been
actively engaged in our integration planning with respect to our
proposed Spirit transaction. In addition, Joanna and the team have
developed a strong plan for JetBlue as we work to return to
profitability. For all these reasons, I know the airline is well
equipped to continue driving progress and I can pass the baton with
confidence knowing she is the right leader at the right time for
our airline.”
Peter Boneparth, chair of JetBlue’s Board, said, “On behalf of
the entire Board, I want to congratulate Joanna and thank Robin for
his contributions and outstanding leadership. Robin guided the
airline through significant change and innovation, caring for the
unique JetBlue culture while also instilling a value creation
mindset across the organization and positioning us for sustainable
future growth. We especially appreciate Robin’s willingness to
continue to extend his tenure through the unprecedented challenges
of the COVID crisis, and then again as we pursued our plan for the
transformational Spirit acquisition.
“When Robin informed us of his decision to retire after many
years of service to JetBlue, consistent with the Board’s extensive
succession planning the Board unanimously voted to transition the
role to Joanna, knowing she is fully prepared to step into the
role. Joanna is a proven strategic leader and she is clearly the
right person to carry JetBlue forward into this next chapter. The
combination of her passion for the business, deep understanding of
the airline, and commitment to creating value for shareholders,
customers, and crewmembers provided the leadership we needed
through times of unparalleled industry disruption. Together, she
and Robin have worked to ensure the company is strong and well
positioned for the future.”
Geraghty said, “I am honored and excited to serve as the next
CEO of JetBlue. With a beloved brand, an industry-leading customer
experience, a unique culture, and the industry’s best crewmembers,
JetBlue has long been a disruptor. I’m excited to continue working
with JetBlue’s 25,000 crewmembers who are as energized as I am
about challenging the status quo and bringing humanity to an
industry long dominated by the legacy carriers. I’m so proud of
what we’ve accomplished over the last 20-plus years, and I am
looking forward to building on this momentum as we execute on our
strategic initiatives, return to profitable growth, and generate
sustainable value for our shareholders and all our
stakeholders.”
During Geraghty’s nearly 20-year career at JetBlue, she has
contributed with various roles of increasing responsibility. In
2018, she was named president and chief operating officer,
responsible for the airline’s operations and commercial performance
including network, brand and marketing, and revenue management.
Prior to this, Geraghty served as JetBlue’s executive vice
president, customer experience, responsible for airports, customer
support, and inflight service. She also held the role of executive
vice president, chief people officer, as well as vice president,
associate general counsel and director, litigation and regulatory
affairs. She has also served as a member of the board of the
JetBlue Foundation. Before joining JetBlue, she was a partner at
the law firm Holland & Knight.
Geraghty serves on the board of directors of L3Harris
Technologies and is chairperson of the board of Concern Worldwide,
an international not-for-profit. She received her bachelor’s degree
from the College of the Holy Cross, her master’s in international
relations from Syracuse University’s Maxwell School of Citizenship
and Public Affairs, and her J.D. from Syracuse University College
of Law.
JetBlue Reiterates Guidance for Fourth Quarter 2023
Demand in December remained healthy while operational
performance during the holidays remained strong. JetBlue expects
fourth quarter 2023 results at the better end of the guidance
ranges provided in its December 7, 2023 update, based on
preliminary results. JetBlue will provide additional details on its
earnings call on January 30, 2024.
About JetBlue
JetBlue is New York's Hometown Airline®️, and a leading carrier
in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San
Juan. JetBlue carries customers to more than 100 destinations
throughout the United States, Latin America, the Caribbean, Canada,
and Europe. For more information and the best fares, visit
jetblue.com.
Financial Disclosure Advisory
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles. The expected
financial results discussed in this press release are preliminary
and represent the most current information available to the
Company’s management, as financial closing procedures for the
fourth quarter ended December 31, 2023 are not yet complete. These
estimates are not a comprehensive statement of the Company’s
financial results for the fourth quarter ended December 31, 2023
and actual results may differ materially from these estimates as a
result of the completion of normal quarter-end accounting
procedures and adjustments, including the execution of the
Company’s internal control over financial reporting, the completion
of the preparation and review of the Company’s financial statements
and the subsequent occurrence or identification of events prior to
the formal issuance of the fourth quarter financial results.
Cautionary Language Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical facts contained in
this press release may be forward-looking statements. In some
cases, you can identify forward-looking statements by terms such as
“expects,” “plans,” “intends,” “anticipates,” “indicates,”
“remains,” “believes,” “estimates,” “forecast,” “guidance,”
“outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” or
the negative of these terms or other similar expressions.
Additionally, forward-looking statements include statements that do
not relate solely to historical facts, such as statements which
identify uncertainties or trends, discuss the possible future
effects of current known trends or uncertainties, or which indicate
that the future effects of known trends or uncertainties cannot be
predicted, guaranteed, or assured. Forward-looking statements
contained in this press release include, without limitation,
statements regarding expected management transition changes, our
outlook and future results of operations and financial position,
our business strategy and plans for future operations, our
sustainability initiatives, the impact of industry or other
macroeconomic trends affecting our business, and our expectations
regarding the outcome of the lawsuits challenging our merger with
Spirit Airlines Inc. (“Spirit”). Forward-looking statements involve
risks, uncertainties and assumptions, and are based on information
currently available to us. Actual results may differ materially
from those expressed in the forward-looking statements due to many
factors, including, without limitation, the COVID-19 pandemic and
government-imposed measures to control its spread; risk associated
with execution of our strategic operating plans in the near-term
and long-term; our extremely competitive industry; risks related to
the long-term nature of our fleet order book; volatility in fuel
prices and availability of fuel; increased maintenance costs
associated with fleet age; costs associated with salaries, wages
and benefits; risks associated with doing business internationally;
our reliance on high daily aircraft utilization; our dependence on
the New York metropolitan market; risks associated with extended
interruptions or disruptions in service at our focus cities; risks
associated with airport expenses; risks associated with seasonality
and weather; our reliance on a limited number of suppliers for our
aircraft, engines, and our Fly-Fi® product; risks related to new or
increased tariffs imposed on commercial aircraft and related parts
imported from outside the United States; the occurrence of any
event, change or other circumstances that could give rise to the
right of JetBlue or Spirit or both of them to terminate the Merger
Agreement; failure to obtain certain governmental approvals
necessary to consummate the merger with Spirit (the “Merger”); the
outcome of the lawsuit filed by the Department of Justice and
certain state Attorneys General against us and Spirit related to
the Merger; risks associated with failure to consummate the Merger
in a timely manner or at all; risks associated with the pendency of
the Merger and related business disruptions; indebtedness following
consummation of the Merger and associated impacts on business
flexibility, borrowing costs and credit ratings; the possibility
that JetBlue may be unable to achieve expected synergies and
operating efficiencies within the expected timeframes or at all;
challenges associated with successful integration of Spirit's
operations; expenses related to the Merger and integration of
Spirit; the potential for loss of management personnel and other
key crewmembers as a result of the Merger; risks associated with
effective management of the combined company following the Merger;
risks associated with JetBlue being bound by all obligations and
liabilities of the combined company following consummation of the
Merger; risks associated with the integration of JetBlue and Spirit
workforce, including with respect to negotiation of labor
agreements and labor costs; the impact of the Merger on JetBlue’s
earnings per share; risks associated with cybersecurity and
privacy, including information security breaches; heightened
regulatory requirements concerning data security compliance; risks
associated with reliance on, and potential failure of, automated
systems to operate our business; our inability to attract and
retain qualified crewmembers; our being subject to potential
unionization, work stoppages, slowdowns or increased labor costs;
reputational and business risk from an accident or incident
involving our aircraft; risks associated with damage to our
reputation and the JetBlue brand name; our significant amount of
fixed obligations and the ability to service such obligations; our
substantial indebtedness and impact on our ability to meet future
financing needs; financial risks associated with credit card
processors; restrictions as a result of our participation in
governmental support programs under the CARES Act, the Consolidated
Appropriations Act, and the American Rescue Plan Act; risks
associated with seeking short-term additional financing liquidity;
failure to realize the full value of intangible or long-lived
assets, causing us to record impairments; risks associated with
disease outbreaks or environmental disasters affecting travel
behavior; compliance with future environmental regulations; the
impacts of federal budget constraints or federally imposed
furloughs; impact of global climate change and legal, regulatory or
market response to such change; changes in government regulations
in our industry; acts of war or terrorism; changes in global
economic conditions or an economic downturn leading to a continuing
or accelerated decrease in demand for air travel; and risks
associated with the implementation of 5G wireless technology near
airports that we operate in. It is routine for our internal
projections and expectations to change as the year or each quarter
in the year progresses, and therefore it should be clearly
understood that the internal projections, beliefs, and assumptions
upon which we base our expectations may change prior to the end of
each quarter or year. Any outlook or forecasts in this document
have been prepared without taking into account or consideration of
the Merger with Spirit. Given the risks and uncertainties
surrounding forward-looking statements, you should not place undue
reliance on these statements. You should understand that many
important factors, in addition to those discussed or incorporated
by reference in this press release, could cause our results to
differ materially from those expressed in the forward-looking
statements. Further information concerning these and other factors
is contained in JetBlue's filings with the U.S. Securities and
Exchange Commission, including but not limited to in our Annual
Report on Form 10-K for the year ended December 31, 2022. In light
of these risks and uncertainties, the forward-looking events
discussed in this press release might not occur. Our
forward-looking statements speak only as of the date of this press
release. Other than as required by law, we undertake no obligation
to update or revise forward-looking statements, whether as a result
of new information, future events, or otherwise.
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JetBlue Corporate Communications Tel: +1.718.709.3089
corpcomm@jetblue.com
JetBlue Investor Relations Tel: +1.718.709.2202
ir@jetblue.com
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