Nuance appoints two Icahn nominees to board
Nuance names Carl Icahn’s son Brett and David Schechter as directors
Carl Icahn: raised his stake in Nuance to 16.03 per cent in August. Photograph: Reuters/Chip East
Nuance Communications, maker of software that runs the Siri feature on Apple iPhones, has appointed two Carl Icahn nominees to its board just over a month after the activist investor raised his stake in the company to 16.7 per cent.
Nuance named Mr Icahn’s son Brett and David Schechter as directors, giving Mr Icahn two members on the 11-member board. Mr Icahn’s investment in Nuance comes at a time when the billionaire investor is putting pressure on Apple, a major Nuance customer, to return cash to shareholders.
Mr Icahn, Nuance’s biggest shareholder, first revealed an interest in the company in April, disclosing a 9.27 per cent stake. After he raised his stake to 16.03 per cent in August, Nuance adopted a stockholder rights plan – or poison pill – to reduce the chance of any investor gaining control. – (Reuters)