American Electric Power raises board size, taps Icahn designee (NASDAQ:AEP)
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American Electric Power (NASDAQ:AEP) +1.8% post-market Monday after saying it entered into an agreement with Icahn Capital to appoint Icahn Enterprises (IEP) senior managing director Hunter Gary to its board.
AEP (AEP) also appointed retired Southern Company Gas executive VP Hank Linginfelter as a new independent director, with both selections effective immediately.
With the additions, AEP’s (AEP) board will temporarily increase to 14 directors, 13 of whom are independent; Gary and Linginfelter will stand for election at the company’s 2024 annual shareholders meeting as part of the recommended slate of director nominees, after which the board will return to 12 directors.
AEP (AEP) also said Icahn Capital portfolio manager Andrew Teno will attend future board meetings as a non-voting observer.
