CVR Energy names Mark Pytosh as CEO, adds Brett Icahn to board (updated)

Icahn Enterprises LP

30/07/2025 22:28

Adds details throughout

July 30 (Reuters) - Carl Icahn-backed CVR Energy CVI.N on Wednesday named Mark Pytosh as chief executive officer and appointed Brett Icahn to its board.

Pytosh will assume the top role effective January 1, 2026, succeeding Dave Lamp, who announced plans to retire from the position effective December 31.

Icahn's activist investment firm Icahn Enterprises IEP.O currently holds a 68.5% stake in the U.S. refiner and is working to further boost its ownership to 84%.

Brett Icahn is the son of billionaire Carl Icahn. He will join the refiner's board, effective August 1.

The activist investor believes CVR's shares are undervalued in the market and represent an attractive investment opportunity at a time when U.S. refining margins have slumped from the highs reached in 2022.

The company also reported a net loss of $114 million for the second quarter, compared with a year-ago profit of $21 million. Its shares fell 4.5% after the bell.

 (Reporting by Vallari Srivastava in Bengaluru; Editing by Mohammed Safi Shamsi)

 ((Srivastava.Vallari@thomsonreuters.com;))