And He Wasn't Thrilled About It

It's no surprise to hear that JetBlue Airways founder and former CEO David Neeleman wasn't exactly thrilled when the airline's board of directors forced him to give up that title in May, less than three months after a series of weather-related operations snafus shut down the carrier for days... and he blames those storms for the board's decision.

In an interview with CNN Money, a candid Neeleman (above) says he feels he'd still be holding the reins at the low-cost carrier if not for a Valentine's Day ice storm that brought the airline's operations to a screeching, sliding halt for days.

"Obviously, when you found a company, and you're the visionary and you start it from Day 1, no one really wants to give up the reins," Neeleman said, adding he feels his "abrupt" ousting was "a traumatic thing for a company."

Again, that's hardly breaking news. What it is, however, is a far more candid summary of the events of May 10, when the airline announced Neeleman would cede the CEO spot to the airline's Chief Operating Officer, Dave Barger. Former FAA exec Russell Chew filed Barger's former role.

Neither side attempted to hide the fact Neeleman had been forcibly removed from his spot, although everyone involved tried to paint it as a mutual decision.

"This is a natural evolution of our leadership structure as JetBlue continues to grow," Neeleman said at that time, as reported by ANN. Neeleman retained his title as Chairman of the airline.

In the months since the reorganization, Neeleman has sold 23 percent of his stock in the airline, or 2.5 million shares. "It's something I should have done a long time ago," he said, as it freed up some of his net worth, and allowed him to eliminate some margin loans in the process.

Neeleman says he remains highly committed to -- and visible at -- the airline he founded in 1998.

"I'm there (at the company's offices) a lot. Our management team and our leadership want me to be," he said. "I'm the largest non-institutional shareholder. It's my great desire for the company to succeed."

And while he remains diplomatic about the subject, one gets the impression Neeleman feels he was handed a raw deal -- if not by the board, per se, then definitely by Mother Nature.

"That's a difficult question to answer, but I think probably," Neeleman said, when asked if he believes the airline's February weather woes, and following service difficulties, led to his removal. "It's tough to put Humpty Dumpty back on the wall and say what would have happened if it hadn't been broken."

Approximately 1,700 JetBlue flights were cancelled in the days following the February 14 storm, leaving thousands of passengers stranded as JetBlue struggled to redistribute its fleet. The airline promised change, even drafting a "customer bill of rights" and promising vouchers for delayed customers... which the carrier was then forced to make good on, when a St. Patrick's Day storm once again caught the carrier flatfooted.

Neeleman issued a series of apologies for his airline's failures, saying he was "humiliated and mortified" by the routing issues. He even went on the David Letterman show, to appeal to customers.

FMI: www.jetblue.com