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Activist investor Carl Icahn cut his position in FirstEnergy Corp., the Ohio utility owner that has been embroiled in a federal corruption scandal, and relinquished a board seat he controlled.
The Icahn Group has trimmed its stock holdings in FirstEnergy below the 1.5% threshold that entitled the billionaire investor's firm to hold board seats under an agreement between the companies, according to a filing. Andrew Teno, a portfolio manager at the investment firm, resigned from the board on Friday, according to the filing. Icahn Group declined to comment.
