FILE PHOTO: Billionaire activist and investor Carl Icahn gives an interview on Fox Business Network’s Neil Cavuto Show on Feb.11, 2014 in New York, United States. REUTERS / Brendan McDermid / File Photo
October 1, 2020
(Reuters) – Billionaire Carl Icahn announced the formal return of his son Brett to Icahn Enterprises
Brett Icahn, 41, will lead a team of portfolio managers, buy a $ 10 million stake in the company, and join the board of directors of the company his 84-year-old father has run for decades, the company said in a press release.
The couple, who have worked together for years, said Brett would likely become the CEO and chairman in seven years or earlier, if Carl agrees. Carl Icahn is currently the Chairman and Keith Cozza is the President and CEO. The Icahns could not be reached for comment.
Brett Icahn was a co-manager of Icahn Enterprises’ Sargon portfolio through 2016, helping senior Icahn make successful stock selections, including an investment in Netflix Inc.
The Sargon portfolio achieved an annualized gross return of 26.8% over its six-year term.
Six years ago, Brett Icahn planned to set up his own hedge fund with an activist, but quickly gave up on the plan to stay with his father’s company for a while.
Brett Icahn’s return comes a year after Carl Icahn relocated himself and his company from downtown Manhattan to Florida after the investor, known for picking winners and pitting himself against industry captains, got tired of being in New York work.
Carl Icahn gave up investing in outside clients nine years ago, but his massive personal fortune, valued at $ 13.8 billion, allows him to stay in the game and put billions in working for companies like Occidental Petroleum
He hired three portfolio managers to work on investments under his and Brett Icahn’s supervision.
(Reporting by C Nivedita in Bengaluru and Svea Herbst-Bayliss in Boston; editing by Patrick Graham, Maju Samuel and Paul Simao)
This article originally appeared on www.oann.com