Icahn Enterprises L.P. Announces Management Changes
05 April 2021 - 10:00PM
Icahn Enterprises L.P. (NASDAQ: IEP) today announced that, for the
first quarter, estimated indicative net asset value increased by
approximately $800 million, driven primarily by a $376 million
increase in the Investment segment.
Chairman Carl C. Icahn stated: “At the beginning
of the year, we significantly reduced our short positions in index
funds and the market in general. However, we have kept “short hedge
positions” in place on companies operating in the same industries
as the companies comprising our larger activist positions. We
continue to believe that the activist model that has produced
exceptional returns for us over the past 45 years now offers even
greater opportunities than it did in the past. We intend in the
future to increase our activist activity just as we have done in
the first quarter. We continue to believe many of the companies we
invest in are mismanaged and/or are overlooking opportunities that
will greatly enhance shareholder value. We intend to continue to
correct this situation in the companies we invest in.”
In connection with the continuing consolidation
of all operations into its Florida office, Icahn Enterprises also
announced today the hiring of Aris Kekedjian, the former Chief
Investment Officer of General Electric Company (GE), as President
and Chief Executive Officer. Mr. Kekedjian will also join Icahn
Enterprises’ board of directors.
Aris Kekedjian has an outstanding track record
in both the capital markets and in business development. His
three-decade career at GE includes extensive experience building
and operating international platforms across Europe and the Middle
East, as well as an extensive M&A track record. These include
the $30 billion merger of GE Oil & Gas and Baker Hughes, the
$15 billion merger of GE Transportation with Wabtec, the IPO and
split-off of Synchrony Financial and the break-up of GE Capital,
one of the most comprehensive restructurings in the financial
services industry. Mr. Kekedjian has closed multi-billion-dollar
transactions in the water technology, distributed power, industrial
automation industries and several acquisitions in high-growth
emerging categories, including landmark deals in renewable energy
and industrial-scale 3D printing.
Icahn Enterprises also announced the departures
of Keith Cozza, who has served as President and Chief Executive
Officer since 2014 and has been with Icahn Enterprises since 2004,
and SungHwan Cho, who has served as Chief Financial Officer since
2012 and has been with Icahn Enterprises since 2006. Messrs. Cozza
and Cho both indicated that they were unable to move to Florida and
are departing to pursue other opportunities and spend more time
with their families. Mr. Cozza will remain with Icahn Enterprises
and provide transition services through May 31, 2021 and will leave
the board of directors of Icahn Enterprises upon his departure. Mr.
Cho will remain with Icahn Enterprises through a mutually agreeable
transition period and will also leave the board upon his departure.
Icahn Enterprises is currently conducting a search for Mr. Cho’s
successor.
Chairman Carl C. Icahn stated: “I’m excited to
welcome Aris to Icahn Enterprises. His vast global experience and
proven track record will complement our already strong team. I’d
also like to thank Keith and Sung for their significant
contributions to the incredible success enjoyed by Icahn
Enterprises and our unitholders during their long tenure. I don’t
believe we could have had the success we did without Keith and
Sung. I wish them both good luck in their future endeavors.”
Aris Kekedjian stated: “The incredible
reputation, achievements and performance history of Carl Icahn and
Icahn Enterprises speak for themselves. I am humbled to be joining
such a storied franchise and look forward to helping to further the
mission of delivering superior returns.”
Keith Cozza stated: “I am extremely grateful for
my time at Icahn Enterprises. I will miss Carl and the rest of the
team and will be rooting for their continued success.”
Sung Cho stated: “The experience I gained at
Icahn Enterprises has been invaluable. I am thankful for the
opportunity and look forward to watching the company continue to
outperform.”
About Icahn Enterprises
L.P.
Icahn Enterprises L.P., a master limited
partnership, is a diversified holding company engaged in eight
primary business segments: Investment, Energy, Automotive, Food
Packaging, Metals, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking
Statements
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.
Indicative Net Asset Value
Data
This release contains the estimated indicative
net asset value of Icahn Enterprises L.P. The indicative net asset
value does not represent the market price at which the depositary
units trade and does not purport to reflect a valuation of Icahn
Enterprises L.P. These preliminary estimates are not a
comprehensive statement of our financial results for the period
ended March 31, 2021. Our actual results may differ materially from
these estimates due to the completion of our accounting closing
procedures, final adjustments and other developments that may arise
between now and the time the financial results for the period ended
March 31, 2021 are finalized. No representations or assurances,
expressed or implied, are made as to the accuracy and correctness
of indicative net asset value as of these dates or with respect to
any future indicative or prospective results which may vary.
Investor Contact:Ted
Papapostolou, Chief Accounting Officer(305) 422-4100
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