Supine executives and underperforming companies may have another generation of agitation from the Icahn family to look forward to.
Carl C. Icahn, the septuagenarian hedge fund manager and activist scourge of US boardrooms, has given $3bn of his fortune to his son Brett to help the 33-year-old hone his moneymaking credentials, according to US regulatory filings. Mr Icahn’s son and David Schechter – another employee of Icahn Enterprises, the $24bn family holding company – began managing the money on August 1.
The senior Icahn, who in his five-decade career has sought to control Time Warner, break up Viacom and buy Texaco, will maintain overall control of the portfolio. The younger duo will have day-to-day discretion to invest in listed companies with stock market valuations of between $750m and $10bn.