12.14.22
Crown Holdings, Inc. announced that it has entered into an agreement with Icahn Enterprises L.P., whereby Jesse Lynn and Andrew Teno, general counsel of Icahn Enterprises and portfolio manager of Icahn Capital, respectively, will join the company's Board of Directors, effective immediately.
Lynn and Teno will also stand for election at the company's upcoming 2023 Annual Meeting of Shareholders, and Crown has agreed to include Teno and Lynn on its recommended slate of nominees for election at the company's 2023 AGM.
With the additions of Lynn and Teno, the Crown Board will expand to 13 directors, 12 of whom are independent. Since 2019, the company has refreshed over half the Board and added eight new independent directors.
“We have valued the constructive dialogue we have had with the Icahn team over the last several weeks,” Timothy J. Donahue, chairman, president and CEO, said. "We welcome Jesse and Andrew to the Board and look forward to working together to deliver enhanced value for Crown shareholders."
"We have appreciated Crown's constructive engagement, and we welcome the opportunity to work closely with the company to deliver value to shareholders," said Carl Icahn, chairman of the Board of Directors of Icahn Enterprises.
Pursuant to the Director Appointment and Nomination Agreement, Icahn Enterprises, which owns 8.5% percent of Crown's outstanding common stock, has agreed to customary standstill, voting commitments and other provisions.
Lynn has been general counsel of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment, energy, automotive, food packaging, real estate, home fashion and pharma, since 2014. From 2004 to 2014, Lynn was assistant general counsel of Icahn Enterprises.
Prior to joining Icahn, Lynn worked as an associate in the New York office of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. in its business and finance department from 2000 until 2004. From 1996 until 2000, Lynn was an associate in the corporate group at Gordon Altman Butowsky Weitzen Shalov & Wein.
Teno has been a portfolio manager of Icahn Capital LP, the investment management subsidiary of Icahn Enterprises L.P., since October 2020. Prior to joining Icahn, Teno worked at Fir Tree Partners, a New York-based private investment firm that invests worldwide in public and private companies, real estate and sovereign debt. Prior to Fir Tree, he worked at Crestview Partners from July 2009 to July 2011 as an associate in their Private Equity business. Prior to Crestview, Teno worked at Gleacher Partners, an M&A boutique, from July 2007 to July 2009.
Lynn and Teno will also stand for election at the company's upcoming 2023 Annual Meeting of Shareholders, and Crown has agreed to include Teno and Lynn on its recommended slate of nominees for election at the company's 2023 AGM.
With the additions of Lynn and Teno, the Crown Board will expand to 13 directors, 12 of whom are independent. Since 2019, the company has refreshed over half the Board and added eight new independent directors.
“We have valued the constructive dialogue we have had with the Icahn team over the last several weeks,” Timothy J. Donahue, chairman, president and CEO, said. "We welcome Jesse and Andrew to the Board and look forward to working together to deliver enhanced value for Crown shareholders."
"We have appreciated Crown's constructive engagement, and we welcome the opportunity to work closely with the company to deliver value to shareholders," said Carl Icahn, chairman of the Board of Directors of Icahn Enterprises.
Pursuant to the Director Appointment and Nomination Agreement, Icahn Enterprises, which owns 8.5% percent of Crown's outstanding common stock, has agreed to customary standstill, voting commitments and other provisions.
Lynn has been general counsel of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment, energy, automotive, food packaging, real estate, home fashion and pharma, since 2014. From 2004 to 2014, Lynn was assistant general counsel of Icahn Enterprises.
Prior to joining Icahn, Lynn worked as an associate in the New York office of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. in its business and finance department from 2000 until 2004. From 1996 until 2000, Lynn was an associate in the corporate group at Gordon Altman Butowsky Weitzen Shalov & Wein.
Teno has been a portfolio manager of Icahn Capital LP, the investment management subsidiary of Icahn Enterprises L.P., since October 2020. Prior to joining Icahn, Teno worked at Fir Tree Partners, a New York-based private investment firm that invests worldwide in public and private companies, real estate and sovereign debt. Prior to Fir Tree, he worked at Crestview Partners from July 2009 to July 2011 as an associate in their Private Equity business. Prior to Crestview, Teno worked at Gleacher Partners, an M&A boutique, from July 2007 to July 2009.