Southwest Gas Rises After Reaching Deal With Icahn to Oust CEO

Southwest Gas Holdings Inc. shares edged higher after reaching a deal with Carl Icahn to replace the utility’s chief executive officer and allow the billionaire activist to name up to four directors to the board.

Shares of the Las Vegas-based utility owner climbed as much as 1.1% Monday in New York. The settlement announced in a statement Friday night caps a months-long battle between Icahn and the company. Southwest Gas CEO John Hester will be replaced immediately by Karen Haller, the company’s executive vice president.

“We would not have entered into any compromise without having John Hester’s retirement being a ...