8/12/2019, 2:26 PM (Source: TeleTrader)
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Icahn strikes deal with Cloudera upon stake build

Cloudera Inc. and a group of investors led by Carl Icahn reached an agreement to add his associates Nicholas Graziano and Jesse Lynn to the board. The announcement published on Monday follows his disclosure of an 18.4% stake. The enterprise data cloud developer said the activist investor and chairman of Icahn Enterprises LP accepted a voting and standstill deal limiting his share to 20%

The leaderless entity said the board is being expanded to ten from eight members and that a new chief executive would be the eleventh. The technology company based in Palo Alto, California, revealed Graziano will assume responsibilities regarding mergers and acquisitions while that Lynn would help with the process to select the new CEO. Board chairman Martin Cole has taken over on an interim basis last month as Tom Reilly retired.

"Based on the strength of our product portfolio, our impressive enterprise customer base, and the potential of our forthcoming new Cloudera Data Platform, Carl has indicated that he believes Cloudera is undervalued -- and we fully agree... The board will continue to oversee the execution of Cloudera's strategic plan and drive value for stockholders," Cole said.

Baha Breaking News (BBN) / IT