Billionaire investor Carl Icahn’s investment firm Icahn Enterprises (IEP) has hired a former General Electric Co (GE) executive as the company’s CEO, the Wall Street Journal reported on Sunday. 

What Happened: Aris Kekedjian, a 30-year GE veteran, left the company in 2019 where he was leading the conglomerate’s M&A strategy as the Chief Investment Officer since 2016. Kekedjian replaces Keith Cozza, who had been serving as Icahn Enterprises CEO since 2014. 

Icahn announced plans to relocate his home and business to Florida from New York in 2019. According to the report, Cozza and SungHwan Cho, the chief financial officer at the company are leaving the company due to the relocation. 

Icahn Enterprises, a listed company with a market value of more than $13 billion and with significant investments in energy, autos, real estate, plans to name a new CFO later.

After leaving GE, Kekedjian has been a strategic adviser to Rainmaker Worldwide Inc (RAKR) whose technology can provide water in arid environments.

Brett Icahn, a graduate of Princeton University, joined Icahn Capital in 2002 and is expected to take over the reins at the investment management firm from his father, Carl Icahn, 85.

Price Action: Shares of Icahn Enterprises closed 2.48% higher at $55.05 on Thursday.