Cloudera said on Monday it would give two board seats to Carl Icahn as part of an agreement with the activist investor to limit his ownership in the data analytics company to 20 percent.
Icahn had disclosed a 12.6 percent stake in Cloudera earlier this month and said he could seek seats on the company’s board. He raised his stake to 18.4 percent as of Aug. 9.
Cloudera’s shares, which have lost nearly 37 percent of their value so far this year, rose about 2 percent to $7.15 in premarket trading.
The company has been incurring net losses since its founding in 2008 and said, in its last annual regulatory filing, that it expected to incur losses for the foreseeable future.
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Nicholas Graziano, portfolio manager of Icahn Capital and current director at Xerox Holdings, will join Cloudera’s board along with Jesse Lynn, general counsel of Icahn Enterprises, taking the board’s composition to 10 members.