Icahn Touts Board Record

Aug 14 2014 | 6:18am ET

In the wake of his latest activist victory, Carl Icahn is trumpeting his success at picking directors who know how to turn around a company.

Icahn never got the chance to install a board member at Family Dollar Stores, which agreed to sell itself to a rival just seven weeks after Icahn invested and called for such a sale—although buyer Dollar Tree insists that Icahn’s activism had nothing to do with it. But when he does, he crowed this week, investors benefit.

In a Tuesday securities filing, Icahn Enterprises said that the 23 companies where Icahn has won board representation over the past five-and-a-half years have enjoyed average annualized returns of 27% since Icahn’s nominees became directors. By contrast, the Standard & Poor’s 500 Index returned only 19% per year over the same period.

All told, 18 of the 23 companies have seen their stock prices rise once Icahn’s directors joined their boards.

The record “responds to those that question the efficacy of including activists’ designees on public company boards of directors,” Icahn Enterprises said.

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