CEO Robin Hayes from JetBlue Becomes Richer by $10.8 Million from His Compensation

Former JetBlue CEO Robin Hayes soared to new heights in 2023, commanding a total compensation of approximately $10.8 million, marking his highest earnings in two years, as disclosed in a proxy statement filed by JetBlue on Friday.

Hayes’ compensation in 2021 and 2022 amounted to approximately $3.5 million, but in 2023, a windfall awaited him. Bolstered by a $3 million bonus, the most substantial he had received during his tenure, and stock awards tallying around $5.4 million, Hayes’ earnings soared. Notably, the $3 million bonus was part of an executive retention incentive introduced in 2021 to fortify the company’s leadership amidst the pandemic.

However, January ushered in a significant shift as Hayes announced his resignation from the CEO role due to health concerns, paving the way for then-chief operating officer Joanna Geraghty to ascend as JetBlue’s first female CEO. Geraghty’s contract outlines a base salary of $700,000, complemented by a lucrative annual incentive bonus and a substantial one-time award of restricted stock units.

Hayes’ legacy at JetBlue was one of mixed outcomes. His ambitious vision to elevate JetBlue beyond its low-cost carrier status encountered obstacles, with initiatives like the Northeast Alliance and merger attempts thwarted in court. While successes such as the introduction of Mint class and expansion into European routes showcased innovation, challenges persisted, including operational hurdles post-pandemic.

Geraghty’s strategic approach diverges from Hayes’, prioritizing profitability and operational efficiency. Since assuming leadership, JetBlue has embarked on route optimization measures, signaling a shift towards revitalizing core business fundamentals under Geraghty’s stewardship.

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