Benzinga | Oct 1, 2020 08:13AM EDT

Brett Icahn Joins Icahn Enterprises Board Of Directors And Purchases $10M In Depositary Units

Brett Icahn Joins Board of Directors andPurchases $10 Million in Depositary Units

Icahn Enterprises Announces Management Succession Plan

Icahn Capital LP Hires Three Portfolio Managers

SUNNY ISLES BEACH, Fla., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P. (NASDAQ:IEP) today announced that it and its investment management subsidiary, Icahn Capital LP, have entered into an Agreement with Brett Icahn, the son of Chairman Carl Icahn. Pursuant to the Agreement, Brett Icahn and a new team of portfolio managers will manage a portfolio of assets within Icahn Enterprises' Investment segment over a 7-year term, subject to certain veto rights by Carl Icahn. Brett Icahn will also join the Board of Directors of Icahn Enterprises and purchase $10 million in market value of depositary units from Carl Icahn.

Brett Icahn, a graduate of Princeton University, joined Icahn Capital in 2002 and in 2010 became responsible for co-managing the Sargon Portfolio, a portfolio of assets within the Investment segment, subject to certain veto rights by Carl Icahn. The Sargon Portfolio generated annualized gross returns of 26.8% from its formation on April 1, 2010 through its expiration on July 31, 2016.

Icahn Enterprises also announced the adoption of a management succession plan, pursuant to which it is currently anticipated that Brett Icahn will succeed Carl Icahn as Chairman of Icahn Enterprises and Chief Executive Officer of the Investment segment following the end of the 7-year term of the Agreement or earlier if Carl Icahn should so determine.

Icahn Capital has hired three portfolio managers who will work in the Investment segment under the supervision of Brett Icahn and Carl Icahn: Gary Hu, most recently an Analyst with Silver Point Capital; Steven Miller, most recently an Analyst in the Distressed and Special Situations group at BlueMountain Capital Management; and Andrew Teno, most recently a director at Fir Tree Partners.