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Newell Brands in cooperation deal with Carl Icahn who gets to appoint 4 new board members

The company is also facing pressure from another activist shareholder, Starboard Value LP, which is seeking to have its CEO and its entire board replaced, claiming Newell has been under performing since it purchased Jarden Corp in 2016

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Newell said both the company and Icahn have reached a cooperation agreement

Newell Brands Inc (NYSE:NWL) has agreed to appoint four directors picked by billionaire investor Carl Icahn to its board.

In a statement on Monday, the consumer products company said Icahn’s designated directors are former 3M Co (NYSE:MMM) chief financial officer, Patrick Campbell, Icahn Enterprises consultant Brett Icahn, Icahn Enterprises general counsel Andrew Langham and Courtney Mather.

READ: Newell Brands shares tank in New York as major strategic shake-up on cards

Campbell was appointed as Newell’s non-executive chairman.

Icahn has a 6.86% stake in Newell. The company is also facing pressure from another activist shareholder, Starboard Value LP, which is seeking to have its CEO and its entire board replaced, claiming that the company has been underperforming since it purchased Jarden Corp in 2016.

In the statement, Newell said that both the company and Icahn have reached a cooperation agreement.

"Our agreement with Carl Icahn reflects our shared understanding of the complexity of our business and our strategy to win in the rapidly changing retail landscape," said Newell Chief Executive Michael Polk.

In premarket trade, Icahn shares were up 3.59% at US$29.69.

Quick facts: Newell Brands

Price: 21.21 USD

NYSE:NWL
Market: NYSE
Market Cap: $9.02 billion
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