June 28, 2018 / 12:26 PM / 6 months ago

Icahn cuts stake in Cheniere Energy, says confident on management

FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S., February 11, 2014. REUTERS/Brendan McDermid/File Photo

(Reuters) - Activist investor Carl Icahn said on Thursday he had reduced his stake in liquefied natural gas exporter Cheniere Energy Inc (LNG.A) to 9.5 percent, but added that he was confident in the company’s management and Chief Executive Officer Jack Fusco.

Icahn, still the biggest shareholder of the company, had disclosed bit.ly/2lHu2Km a stake of 13.8 percent in Cheniere in December 2015.

Under pressure from the investor, Cheniere appointed two of Icahn's nominees to its board and its then chief executive officer Charif Souki stepped down here in February 2016.

Last month, the Houston-based company got approval for the construction of a third liquefaction unit at its Corpus Christi export terminal in Texas, the first new liquefied natural gas project to go ahead in the United States since 2015.

The company’s shares have risen 23 percent this year.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Saumyadeb Chakrabarty

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