American Electric gives two board seats to Icahn Capital

American Electric Power announced last night that it has entered into an agreement with Icahn Capital and certain of its affiliates, under which Hunter Gary, senior managing director at Icahn Enterprises, and Henry Linginfelter, retired executive vice president of Southern Company Gas, will join AEP‘s board of directors. Julie Sloat, AEP CEO, said, “On behalf of the Board, we welcome Hunter and Hank to AEP. Hunter’s experience providing operational oversight as an investor and public company director and Hank’s utility regulatory experience will serve us well as we continue to execute on our strategic priorities and enhance value for our shareholders. We are confident that their perspectives will add value in the boardroom as we continue to simplify and de-risk our operations, control costs and execute on our flexible and robust capital plan to provide safe, reliable and affordable service to our customers.” Carl Icahn added, “We look forward to working with Julie Sloat and the Board of Directors to optimize the value and performance of AEP’s high quality regulated electric utility business for the benefit of all of AEP’s stakeholders.” Additionally, the board has invited Andrew Teno, portfolio manager at Icahn Capital, to serve as a non-voting observer in board meetings. Icahn Capital and certain of its affiliates have agreed to customary standstill, voting commitments and other provisions.