Newell Brands Enters Cooperation Agreement With Carl Icahn - Quick Facts

(RTTNews) - Newell Brands (NWL) announced a cooperation agreement with Carl C. Icahn, Chairman of Icahn Enterprises LP, who beneficially owns approximately 6.9 percent of the company's outstanding shares. Pursuant to the Agreement, Icahn has agreed to vote all of his shares in favor of the Newell nominees at the 2018 Annual Meeting of Stockholders.

Newell Brands has agreed to appoint individuals designated by Icahn to the Newell Board effective immediately: Patrick Campbell, Brett Icahn, Andrew Langham and Courtney Mather, with Campbell elected to serve as the new Chairman of the Board. With the immediate changes, and the expected election of Ms. Sprieser and an additional independent nominee at the 2018 Annual Meeting, Newell Brand's Board will comprise 11 experienced directors, 10 of whom will be independent and all of whom will be seasoned leaders.

Newell Brands also announced it has expanded its accelerated transformation plan. The company believes there are further accretive divestiture opportunities that will bring the total yield of the accelerated transformation plan to approximately $10 billion of after-tax proceeds.