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Former JetBlue CEO Made $10.8 Million in 2023

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Robin Hayes raked in a few of his highest compensation throughout his 8-year tenure as JetBlue CEO whereas the service struggled to succeed in profitability in 2023.

Former JetBlue CEO Robin Hayes made round $10.8 million in whole compensation in 2023, his highest take house pay up to now two years, based on a proxy assertion JetBlue filed Friday.

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Throughout 2021 and 2022, Hayes’ compensation totaled round $3.5 million.

In 2023, the previous JetBlue chief government earned a $3 million bonus — the best bonus he’s earned since his tenure at JetBlue. He additionally raked in round $5.4 million in inventory awards. The $3 million bonus was a part of an government retention award, which JetBlue’s government compensation committee launched in 2021 to encourage executives to stay on the firm in the course of the pandemic. 

Hayes introduced in January he would step down as CEO — a task he had held since 2015 — resulting from well being causes. His successor, then-chief working officer Joanna Geraghty grew to become the primary girl to steer a significant U.S. airline. 

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As a part of Geraghty’s CEO contract, she is going to obtain a base wage of $700,000 and is eligible for an annual incentive bonus that’s 175% above her pay goal. She can be eligible for a one-time award of restricted inventory items valued at $2 million that gained’t be vested till Might 31, 2026. Hayes’ base bay in 2023 was $722,917.

Hayes, who was additionally an government at British Airways, first joined JetBlue in 2008 because the airline’s chief business officer. 

A Tenure With Blended Outcomes

Hayes’ tenure at JetBlue noticed combined outcomes — he needed JetBlue to develop past a small, low-cost service, one that would successfully compete with the Large 4 (American, Delta, United and Southwest). 

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The Northeast Alliance and merger with Spirit Airways have been two initiatives Hayes closely championed to realize this progress — however each have been struck down in courtroom. JetBlue additionally made a bid for Virgin America in 2016, however finally misplaced to Alaska Airways. 

Submit-pandemic, JetBlue had additionally been struggling to realize profitability due rising operational prices from new labor contracts and points with its Pratt & Whitney engines that brought on it to floor a number of plane. 

However Hayes’ tenure additionally had some shiny spots. Throughout his time at JetBlue, the service rolled out its widespread — and disruptive — enterprise class seating, generally known as its Mint class and a slate of routes to Europe. 

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Geraghty’s technique for JetBlue represents a pointy distinction from that of Hayes. She beforehand stated her important precedence is restoring JetBlue’s profitability and she or he can be “returning to enterprise fundamentals” to realize that objective. To date, JetBlue has minimize dozens of underperforming routes since Geraghty took the helm in February. 

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