Activist investor Carl Icahn said on Sunday that Icahn Enterprises LP (NASDAQ: IEP) will name Aris Kekedjian as its new CEO. Kekedjian had the role of Chief Investment Officer at the U.S. conglomerate until 2019 and has also served at General Electric in the past as a co-executive.
Icahn Enterprises is currently trading at a per-share price of £39.66. In comparison, the stock had started the year at £37.56 per share after recovering from a low of £30.26 per share in March 2020, when the impact of the ongoing COVID-19 crisis was at its peak. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a comparison of the top few to make selection easier for you.
Icahn Enterprises will name its new CFO at a later date
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On Sunday, as per Icahn, the New York-based firm will appoint Kekedjian as the Chief Executive and Chief Operating Officer. The activist investor also highlighted that Keith Cozza (current CEO) and SungHwan Cho (current CFO) have decided to leave the company.
Part of the reason why both executives announced plans of stepping down was because Icahn Enterprises recently moved to the Miami area, but Cozza and Cho did not want to relocate. The U.S. conglomerate offered moving expenses to the staff that stayed.
The firm will name its new Chief Financial Officer at a later date. Icahn Enterprises LP is yet to make an official comment on the news. In separate news on Monday, Germany’s private banking association said it had paid out roughly £2.29 billion to over 20,500 Greensill Bank customers in a deposit protection scheme following the bank’s collapse in March.
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Many companies opted to relocate to Florida last year
Over the past year, several Wall Street heavyweights, including powerful tech titans, have relocated to Florida to benefit from perks such as lower taxes. Many also considered moving due to the ongoing health emergency that accelerated a shift to remote working in 2020.
The Coronavirus pandemic has so far infected more than 31 million people in the United States and caused over half a million deaths. Billionaire Carl Icahn currently owns roughly 10% of the U.S. hydrocarbon exploration company, Occidental Petroleum.
Icahn Enterprises performed largely downbeat in the stock market last year with an annual decline of close to 20%. At the time of writing, it is valued at £9.59 billion.
