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Shares of Delek US Holdings fell 7 percent Thursday afternoon after an oil refining rival controlled by investor Carl Icahn — and until last week, a suitor for several Delek board seats — said it will distribute a third of its 15 percent stake in the Brentwood company to its investors.

CVR Energy executives said this week they will refocus the Texas-based business on renewable fuels while also paying out a $492 million special dividend in the form of cash and Delek stock. CVR quickly built its stake in Delek early last year, when it was looking to acquire the entire company and is sitting on a solid gain.

The company launched a vocal proxy content early this year, calling for Delek Chairman and CEO Uzi Yemin to overhaul the company’s strategies — including by focusing more on renewables — and calling out his compensation.

Delek investors rejected the Icahn-CVR overtures last week, leading CVR CEO Dave Lamp and his team to their plan to dole out some of their Delek shares.

“Delek made it very clear over the past several months that it had little interest in engaging with us as its largest stockholder,” Lamp said in a statement. “This special dividend should allow us to monetize a gain on our investment in Delek — which would be nearly $116 million based on Delek’s closing stock price on May 10, 2021 — and distribute our Delek shares to our stockholders, with whom Delek may be more willing to meaningfully engage.”

CVR’s plan, which is expected to be completed by late July, will leave Icahn and his affiliates with about 10.5 percent of Delek’s shares.

Delek (Ticker: DK) closed Thursday at $21.13 but is still up about 35 percent year to date.


Genesco Chair, President and CEO Mimi Vaughn has expanded the purview of Parag Desai, the footwear retailer’s strategy and shared services leader since late 2014.

The business card of Desai, a former McKinsey & Co. partner, now reads senior vice president and chief strategy and digital officer. The two C-level designations means he is sharpening his focus on Genesco’s e-commerce business, which has — as with numerous other retailers — boomed in the past year and change as COVID-19 shifted many shopping habits. Among the priorities: Systems integration and building customer relationship management tools.

“We have made meaningful digital and people investments which have allowed us to significantly grow our e-commerce business and digital capabilities," Vaughn said. “We continue to pursue opportunities to enhance how we leverage our data and technology to acquire, retain and delight our customers. Parag will lead our efforts to further digitize our stores, deepen our consumer and market insights, and work to accelerate our progress."

Shares of Genesco (Ticker: GCO) popped nearly 8 percent to $52.21 Thursday. Year to date, they have gained about 80 percent.

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