HOUSTON (AP) — Two months after activist investor Carl Icahn boosted his stake in Cheniere Energy for the second time in two weeks, the company announced the departure of its chief executive.
The company has received permission from the U.S. to build massive liquid natural gas export terminals and could begin the first major exports any day now.
Icahn first revealed a sizeable stake in Cheniere in August, then two weeks later announced that he had upped that stake to more than 11 percent. The company agreed to seat two of his associates on the board and on Monday, announced that it was replacing Charif Souki, its co-founder, CEO and chairman.
Icahn, who typically pushes for changes at companies in which makes large investments, has called the Houston company undervalued. Shares of Cheniere Energy Inc. have fallen 24 percent over the past three months, outpaced by declining prices for natural gas.
Cheniere named board member Neal Shear as interim president and CEO and appointed board member Andrea Botta as chairman.
Shear has served as a Cheniere director since last year, while Botta has been a board member since 2010.
Cheniere said that it will immediately begin a search for a new CEO.
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