NEW YORK (AP) -- Forest Laboratories seated a new board member selected by Carl Icahn, averting a fight over control of the pharmaceutical company.
Vincent Intrieri, who has been employed by Icahn entities since 1998 in various investment-related jobs, was named as an independent director Tuesday.
In exchange, Icahn has agreed to vote his shares in favor of the company's 11 director nominees, and the activist investor will abide by other restrictions that remain in effect as long as Intrieri is on the board.
Intrieri, 56, also will be part of a five-member committee overseeing succession plans meaning Icahn will hold some sway when the company choses its next CEO.
Forest Laboratories Inc. is based in New York.