Cloudera agrees to add two representatives of Carl Icahn's investment vehicle to its board

South Africa News News

Cloudera Inc. said Mnday it has reached a voting and standstill agreement with billionaire investor Carl Icahn, which will see it add two of his directors to its board. Ichan owns 50.3 million Cloudera shares, equal to about 18.4% of its outstanding stock. Cloudera has agreed to add Nicholas Graziano and Jesse Lynn, employees of Icahn's investing vehicle, Icahn Enterprises L.P., to its board with immediate effect. The cloud company will expand its board to 10 members, with the option to make it 11 to add a chief executive, as soon as it has found one. Cloudera shares have fallen 37% on the year following a disastrous revenue forecast in early June, the departure of its chief executive and deep downgrades from analysts. Icahn has agreed to limit his stake in the company to 20% and to abide by standstill agreements and voting commitments. Shares rose 2% premarket on the news.