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UPDATE 1-Electric utility FirstEnergy to give Carl Icahn two board seats

· 03/16/2021 16:46
UPDATE 1-Electric utility FirstEnergy to give Carl Icahn two board seats

Changes sourcing

- Electric utility company FirstEnergy Corp FE.N said on Tuesday it would add two members backed by activist investor Carl Icahn to its board.

The company, which last week named a new chief executive officer after a bribery scandal led to the ouster of its former boss and two other executives, will appoint Icahn Capital employees Andrew Teno and Jesse Lynn to the board. nL4N2L62SM

Following the addition, the company's board will have 14 directors, FirstEnergy said. nPnbCZgZPa

The two new directors will serve on committees focused on helping the company improve its compliance.

The Akron, Ohio-based utility said in February that Icahn was looking to buy a stake worth between $184 million and $920 million, citing a letter from him dated Feb. 16. nL4N2KO490




(Reporting by Arunima Kumar in Bengaluru; Editing by Vinay Dwivedi and Sriraj Kalluvila)

((Arunima.Kumar@thomsonreuters.com;))