Legal Law

Former CFO of Badly-Run Company to become CEO of Badly-Run Company Hunter

With most hedge funds packing up and moving to Miami, the Sunshine State will only become an option for its employees, who are generally still free to work from offices in Manhattan or Greenwich, or from home. Not so Icahn Enterprises: Those who did not want to move to the worst state in America with Uncle Carl were allowed to stay in New York and take to the streets.

But for those who are not moving to the Sunshine State, “the company will not challenge your unemployment entitlement,” the memo says.

“The current maximum weekly unemployment benefit rate is $ 450, which you can receive for a total of 26 weeks,” he adds.

That equates to a total of $ 11,700.

The coronavirus, which Icahn otherwise enjoyed immensely, may have delayed these plans, but they didn’t end them as Carl Icahn shows how serious he is about anyone who takes up shuffleboard.

Two longtime Icahn lieutenants – current CEO Keith Cozza and CFO SungHwan Cho – are leaving the company. Mr Icahn, who hired them in 2004 and 2006 respectively, praised their contributions and said they were leaving on excellent terms. One factor in the decision was that neither planned to move to the Miami area, where Mr. Icahn and his company recently relocated.

In any case, that means that Icahn needs a new CEO. (You didn’t think he’d give Brett everything, did you?) And what else does an Icahn Enterprises CEO need in addition to being able to swim above water? An in-depth knowledge of what a badly run company looks like. And where better to learn what a badly run company looks like inside and out than General Electric?

Aris Kekedjian, a 30-year GE veteran who was the industrial conglomerate’s chief investment officer until 2019, is slated to be named chief executive and chief operating officer of Icahn Enterprises LP on Monday. Mr Icahn said Mr Kekedjian’s M&A cuts will be useful in engineering deals with portfolio companies including refinery CVR Energy Inc. and car dealerships Pep Boys.

Carl Icahn appoints the former GE executive as his company’s CEO [WSJ]

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