Via Houston Business Journal

Icahn gets seats on Cheniere’s board

Houston-based Cheniere Energy Inc. (NYSE MKT: LNG) has appointed two managing directors from Icahn Capital LP, a subsidiary of Icahn Enterprises LP (Nasdaq: IEP), to its board of directors.

The appointment comes shortly after billionaire activist investor Carl Icahn, CEO of the New York-based companies, purchased an 8.18 percent stake in Cheniere, amounting to 19.4 million shares.

Icahn himself will not possess a seat on the board of the liquified natal gas company. Instead, Cheniere has appointed Jonathan Christodoro and Samuel Merksamer to the board of directors.

Christodoro has been with Ichan Capital since 2012 and currently serves as a director on the boards of PayPal Holdings Inc., American Railcar Industries Inc., Hologic Inc. and others.

Merksamer has been with Icahn Capital since 2008 serves as a director on the board of Houston-based Transocean Partners LLC, with which Icahn also became intensely involved.

“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,” Icahn said in a statement.

Cheniere is at the forefront of liquefied natural gas export projects in the U.S., but it has lost money every year since it was founded, The Wall Street Journal reported. In the second quarter of this year, it posted a loss of $142.3 million.

When Icahn disclosed his stake, he reported that he wanted to discus Cheniere’s business plan, capital spending and executive compensation.

To see Oil & Gas 360’s exclusive interview with Cheniere CEO Charif Souki, click here. 

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