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Brett Icahn, 41, will manage a team of portfolio managers, will
buy a $10 million stake in the firm and join the board of
directors of the firm his 84-year old father has been running
for decades, the company said in a release.
The pair, who have worked together off and on for years, said
Brett would likely become chief executive and chairman in seven
years or sooner if Carl agrees. Carl Icahn is currently the
chairman and Keith Cozza is the president and chief executive
officer. The Icahns could not be reached for comment.
Brett Icahn co-managed Icahn Enterprises' Sargon Portfolio until
2016 and helped the elder Icahn make successful stock picks,
including an investment in Netflix Inc <NFLX.O>.
The Sargon Portfolio generated annualized gross returns of 26.8%
over its six-year lifetime.
Six years ago, Brett Icahn planned to launch his own hedge fund,
with an activist bent, but quickly abandoned the plan in order
to stay at his father's firm, for a while.
Brett Icahn's return comes one year after Carl Icahn moved
himself and his firm from mid-town Manhattan to Florida after
the investor, known for picking winners and facing off with
captains of industry, had grown weary of working in New York.
Carl Icahn gave up investing for outside clients nine years ago,
but his vast personal wealth, estimated at $13.8 billion, allows
him to stay in the game, putting billions to work in companies
like Occidental Petroleum <OXY.N> where he waged a bitter fight
to take control.
He hired three portfolio managers to work on investments under
his and Brett Icahn's supervision, the statement added.
(Reporting by C Nivedita in Bengaluru and Svea Herbst-Bayliss in
Boston; Editing by Patrick Graham, Maju Samuel and Paul Simao)
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