• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD

Southwest Gas settles boardroom battle with Icahn, replaces CEO

by

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

NEW YORK, May 6 (Reuters) – Southwest Gas Holdings (SWX.N) reached a settlement on Friday with Carl Icahn that will replace the company’s chief executive and hand as many as four board seats to the billionaire investor.

The settlement ends a months-long battle Icahn launched with the Las Vegas, Nevada-based company in October as it pushed ahead with plans to buy Questar Pipelines for roughly $2 billion.

Southwest Gas said it promoted Karen Haller to CEO and president, replacing John Hester immediately. Icahn said in a statement that no settlement would have been reached without Hester leaving the company.

Register now for FREE unlimited access to Reuters.com

“We are confident that she is the right leader for Southwest Gas moving forward,” board chairman Michael Melarkey said in a statement about Haller.

Icahn will be allowed to appoint at least three directors after next week’s annual meeting. The company said a fourth director will join the board if the board decides not to spin off infrastructure services company Centuri, a decision the company announced in March.

Southwest Gas said it will make a decision about whether to spin off Centuri within 90 days of the agreement.

Icahn, saying the Questar purchase would hurt shareholders, had sought to take control of the board by trying to replace 10 directors and pushing for the ouster of the CEO. He called Hester and his management team “a great liability” to the company.

The board will have 11 directors, including 10 independent directors after the company’s annual meeting on Thursday.

Icahn, 86, has spent a career tangling with companies and traditionally asks for a few board seats when he thinks businesses should be run better. He often settles with the company and then steps aside as his selected directors become involved in operations.

On Friday Icahn said in a statement that he has rarely felt the need to oust a CEO but that when such a move was necessary, it “almost always greatly enhanced value for ALL shareholders.” Icahn even offered to buy the company for $82.50 a share.

Last month Southwest said it would consider selling itself, among other alternatives, after an unnamed potential buyer showed interest in buying the company at a price “well in excess” of Icahn’s offer.

Register now for FREE unlimited access to Reuters.com

Reporting by Svea Herbst-Bayliss; Editing by William Mallard

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Filed Under: BUSINESS Tagged With: Gas, Infrastructure, Las Vegas, Moving, Next, Pipelines, Reuters, York

Primary Sidebar

More to See

Stained Glass in a $1.5M Converted Church in St. Louis Is Simply Divine

It’s a property that offers a unique open floor plan—plus a hot tub with a view.“It was a Methodist church located in a historic little area of St. … [Read More...] about Stained Glass in a $1.5M Converted Church in St. Louis Is Simply Divine

Singapore Pharmacy Platform Startup Lands $27 Million In Bill Gates-Backed Funding Round

More From ForbesMay 23, 2022,08:09am EDTChina EV Maker XPeng Loss More Than Doubles Amid Covid Woes","scope":{"topStory":{"index":1,"title":"China EV … [Read More...] about Singapore Pharmacy Platform Startup Lands $27 Million In Bill Gates-Backed Funding Round

$7.45M Hog Island Is the Largest Private Island Available in Florida Right Now

It’s the ultimate in seclusion in the middle of North Central Florida: a private island in the middle of St. Johns River near Lake George.In addition … [Read More...] about $7.45M Hog Island Is the Largest Private Island Available in Florida Right Now

Copyright © 2022 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy