Following up on his early August acquisition of stake in the company, activist investor Carl Icahn has reached an agreement with Houston-based Cheniere Energy Inc. (NYSE MKT: LNG) to add two Icahn Capital managing directors to seats on Cheniere Energy’s board.
In the August 6 regulatory filing in which Icahn disclosed his ownership of 19.4 million shares of the liquefied natural gas company, Icahn said the company’s shares were undervalued and that, if needed, he would seek a seat on the company’s board.
Talks between Icahn and Cheniere Energy led to the appointment of Jonathan Christodoro and Samuel Merksamer to Cheniere’s board of directors, effective immediately. With the additions, the Cheniere Board now comprises eleven directors.
Christodoro and Merksamer are managing directors of Icahn Capital LP, a subsidiary of Icahn Enterprises LP (NASDAQ: IEP). Christodoro has served as a managing director of Icahn Capital LP since July 2012. He currently serves as a director on the boards of PayPal Holdings, Inc., American Railcar Industries, Inc., Hologic, Inc., Herbalife Ltd., and Enzon Pharmaceuticals, Inc. Merksamer is a managing director of Icahn Capital LP, where he has been employed since May 2008. He currently serves as a director on the boards of Transocean Partners LLC, Hertz Global Holdings, Inc., Hologic, Inc., Transocean Ltd. and Navistar International Corp.
"We look forward to working with our new board members and will continue to focus on creating value for our shareholders." said Charif Souki, chairman and CEO of Cheniere.
Carl Icahn commented: "As we have done with a number of companies in the past, we hope to contribute meaningfully as Board members towards enhancing shareholder value at Cheniere."