Icahn-Designated Director Andrew Teno Resigns from Southwest Gas Board; Icahn Group Not Seeking Replacement
SWX sits 24% above its 52-week low of $64.69.
Summary
Andrew Teno, a director appointed by the Icahn Group, has resigned from the Board of Directors, effective immediately. The Icahn Group does not currently intend to appoint a replacement, leading the Board to reduce its size from 11 to 10 members.
Key Events · Executive and Board Changes · SWX
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Icahn-Designated Director Resigns
Mr. Andrew Teno, a director appointed by the Icahn Group under a Cooperation Agreement, resigned from the Board of Directors on December 31, 2025.
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No Replacement from Icahn Group
The Icahn Group has notified the company that it does not currently intend to appoint a replacement designee, indicating a potential reduction in their board representation.
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Board Size Reduced
As a result of the non-replacement, the Board intends to reduce its size from 11 to 10 members.
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Stated Reasons for Resignation
Mr. Teno stated his resignation was to focus on other time commitments and was not due to any disagreement with the company's financial statements, operations, policies, or practices.
Analysis · SWX · Energy & Transportation
The resignation of Andrew Teno, a director designated by the Icahn Group, marks a significant shift in the activist investor's involvement with Southwest Gas Holdings. While Teno cited other time commitments and expressed satisfaction with the company's trajectory, the Icahn Group's decision not to appoint a replacement suggests a potential reduction in their active oversight or a successful conclusion to their previous activist campaign. This move could lead to a more stable governance environment, reducing the perceived pressure from a major activist investor. Investors should monitor future Icahn Group filings for any changes in their beneficial ownership.
How filings like this one have moved
In the 30 days to Sep 17, 2026, 35.5% of the 1165 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.44%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SWX was trading at $80.15 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.8B. The 52-week trading range was $64.69 to $83.23. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.