Icahn Enterprises L.P. Enters Into Agreement with Brett Icahn
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
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
About Icahn Enterprises
Icahn Enterprises L.P., a master limited
partnership, is a diversified holding company engaged in seven
primary business segments: Investment, Energy, Automotive, Food
Packaging, Metals, Real Estate and Home Fashion.
Caution Concerning Forward-Looking
This release contains or may be deemed to
contain certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning and include, but
are not limited to, statements about the expected future business
and financial performance of Icahn Enterprises L.P. and its
subsidiaries. Actual events, results and outcomes may differ
materially from our expectations due to a variety of known and
unknown risks, uncertainties and other factors, including risks and
uncertainties detailed from time to time in our filings with the
Securities and Exchange Commission. Past performance in our
Investment segment is not indicative of future performance. There
can be no assurance that any forward-looking information will
result or be achieved. We undertake no obligation to publicly
update or review any forward-looking information, whether as a
result of new information, future developments or otherwise.
Investor Contact:SungHwan Cho,
Chief Financial Officer(305) 422-4000