Centuri tumbles 21% as CEO to depart just months after IPO

Icahn Enterprises LP

27/06/2024 19:39

** Shares of Centuri Holdings  CTRI.N  tumble as much as 21%
on Thurs to $19.98, lowest level since utility infrastructure
services firm's Apr debut, as CEO stepping down
    ** CTRI late Weds said Bill Fehrman would depart on Jul 31
to lead utility co American Electric Power  AEP.O 
    ** Fehrman joined CTRI in Jan and the Southwest Gas  SWX.N 
unit's IPO priced at $21
    ** Phoenix-based CTRI said Paul Caudill, former CEO of NV
Energy, will serve as interim CEO during search for permanent
successor
    ** CTRI was spun off after SWX faced pressure in recent
years from activist shareholders including Carl Icahn and Corvex
Management to revamp its business
    ** Icahn Partners LP and Icahn Partners Master Fund,
entities affiliated with billionaire Icahn, bought 2.6 mln CTRI
shares in private placement alongside the IPO
    ** Shares of CTRI last down 16% at $21.26 on the session
    ** AEP's stock up 0.7% at $87.75 on Thurs

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))