Activist investor Carl Icahn brings son back, lays out succession plan

Carl Icahn is currently the chairman and Keith Cozza is the president and chief executive officer

Billionaire investor Carl Icahn announced the formal return of his son, Brett, to Icahn Enterprises on Thursday, laying the groundwork for a handover of control at one of the world's most successful activist investment firms.

Brett Icahn, 41, will manage a team of portfolio managers, will buy a $10 million stake in the firm and join the board of directors of the firm his 84-year old father has been running for decades, the company said in a release. The pair, who have worked together off and on for years, said Brett would likely become chief executive and chairman in seven years