Icahn Gets Deal With Southwest Gas to Oust CEO, Revamp Board (1)

Billionaire Carl Icahn reached a settlement with Southwest Gas Holdings Inc. to replace its chief executive officer and name up to four directors to its board.

The deal announced in a statement Friday night caps a months-long battle between Icahn and the Las Vegas-based utility owner. 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 part of it,” Icahn said in a letter to Southwest Gas shareholders. “We believe Hester’s agenda was not to enhance value for ...