#Carl Icahn reveals plans to hand over reins to his son Brett

Carl Icahn has finally revealed a plan to hand over the reins of his investing empire to his son — and the plan is to take his sweet time.

The 84-year-old corporate raider has struck a deal with his 41-year-old son, Brett, to hand over control as chairman and chief executive of Icahn Enterprises — a publicly traded firm valued at $11 billion — in a transition that could take as long as seven years, the company said Thursday

Brett — who has worked on and off as a consultant for the firm for the past several years after doing a 15-year-stint at the firm — will join the board of Icahn Enterprises, managing a small group of portfolio managers and will invest $10 million in the firm, the company said in a statement.

According to the agreement, Brett Icahn will “manage a portfolio of assets” for the firm “subject to certain veto rights by Carl Icahn,” the company said. He’ll succeed his dad as boss after seven years “or earlier should Carl Icahn cease for any reason to act in such capacities.”

As first reported by The Post, the elder Icahn moved the firm this spring to the Miami area, telling its employees to either move with him or find another job. He has lately been playing tennis in the 90-degree heat while waging corporate boardroom battles, sources familiar with his schedule said.

According to the Wall Street Journal, Icahn has been locked down during the coronavirus crisis at his sprawling mansion on Miami’s posh Indian Creek island “with his wife Gail, their dogs, and a small staff that brings him a nightly ‘quarantini’ cocktail after tennis.”

As reported by The Post, Icahn’s recent battles have included a bid to sell Navistar, which has landed him in a power struggle on the truck manufacturer’s board with his old protege Mark Rachesky.

Brett, meanwhile, has led successful tech investments in the past for his dad, including Netflix.

Icahn Enterprises in 2010 gave Brett and his business partner David Schechter $3 billion to manage for six years, and agreed to give them 7.5 percent of the overall profits beyond a 4-percent hurdle rate. The partners more than doubled the portfolio’s value to roughly $7 billion as of July 31, 2016, and collected roughly $256 million each.

Brett, who like his dad went to college at Princeton University, considered raising his own hedge fund, but was always angling to be part of the family business, sources said. Several people who have worked with Brett described him as more introverted than his larger-than-life father.