Florida entrepreneur discusses JetBlue board seat as stake nears 10%

JetBlue Airways Corp. investor Vladimir Galkin, a Florida entrepreneur, has increased his stake in the carrier to 9.98% and says he’s met with top executives to discuss a possible board seat. Galkin has been steadily building up a stake in JetBlue this year, and is now the airline’s third-largest investor, behind BlackRock Inc. and Vanguard Group Inc. Galkin said in an interview that he met with JetBlue’s CEO Joanna Geraghty and CFO Ursula Hurley earlier this week. “I have not decided whether I want to become a director,” he said. “Any consideration would, of course, require further discussions with the board and adhering to their nominating process.” Galkin said he “expressed my interest in monitoring my significant investment as a director at some point” during the discussions. Geraghty didn’t make a commitment “either way,” and encouraged him to speak with the board’s nominating committee as required by the company’s bylaws, Galkin said. JetBlue said it “regularly speaks with shareholders and investors to listen to their views on the company’s strategy and progress.” A spokesman declined to comment on discussions with individual shareholders. The airline is in the midst of a turnaround effort after federal judges blocked a planned acquisition and a partnership with another carrier, limiting its growth prospects. Geraghty has detailed plans to pull out of some cities and delay $3b in new aircraft purchases to help control persistently high costs. The airline will shift its focus back to leisure customers in its original strongholds of New York, New England, Florida and Puerto Rico. <br/>