Carl Icahn Sets Succession Plan; Corporate Raider Tormented Time Warner & Lionsgate
Jill Goldsmith Co-Business EditorLongtime corporate raider Carl Icahn, who famously tried to break up Time Warner in 2006 and takeover Lionsgate in 2010, announced a succession plan Thursday where his son Brett to succeed him as CEO of the family’s investment business — in seven years.During that time, the younger Icahn will join the board, manage a portfolio of assets “subject to certain veto rights by Carl Icahn” and purchase $10 million worth of depositary units in the publicly-traded company from his father. He’ll become chairman of Icahn Enterprises and CEO of the investment business “following the end of the 7-year term of the Agreement or earlier if Carl Icahn should so determine,” the firm announced.