Icahn Enterprises CEO to become head of Pep Boys

Icahn Enterprises L.P.
IEP,
+1.51%
said Wednesday its current chief executive officer David Willetts is becoming CEO of Pep Boys, the automotive aftermarket service chain. Willetts will be replaced by Andrew Teno, who is currently Icahn Capital portfolio manager. “We believe David’s skill set is particularly suited to work on a day-to-day basis to drive the significant value creation potential in Pep Boys,” investor Carl Icahn said in a statement. Icahn doubled down on his activism approach to investing, which he said is “the best investment paradigm that exists. While this method of investing certainly is somewhat volatile, over the long term the returns cannot be matched,” he said. The company also said its estimated indicative net asset value of $4.76 billion as of the end of 2023 and said it would maintain its quarterly distribution of $1 per depositary unit. The stock was flat premarket and is down 60% over the last 12 months. Short seller Hindenburg Research published a scathing article about the company on May 2, accusing it of overstating values and paying a dividend it could not afford, among other things.