By Svea Herbst-Bayliss

NEW YORK, (Reuters) – Southwest Gas (NYSE 🙂 Holdings has reached a deal with Carl Icahn on Friday. The settlement will see the chief executive of the company replaced and four seats handed to the billionaire investor.

This settlement ended a long-running battle Icahn had with Las Vegas-based Questar Pipelines in October. It was pushing ahead with its plans to purchase Questar Pipelines at approximately $2 billion.

Southwest Gas announced that Karen Haller was promoted to the position of CEO and President, taking over John Hester’s place. Icahn stated in a statement, that no settlement could have been reached if Hester had not left the company.

Michael Melarkey (board chairman) said that Haller was “a strong leader” in an interview about Haller.

After next week’s annual meetings, Icahn can appoint up to three directors. A fourth director would join the board of directors if Centuri is not spun off, as the company stated in March.

Southwest Gas indicated that within the 90-day period of the agreement, it will decide whether to spinoff Centuri.

Icahn had claimed Questar would be a loss to shareholders and tried to take over the board, trying to replace 10 directors. He described Hester’s management as a “great liability” for the company.

After Thursday’s company annual meeting, the board will consist of 11 directors and 10 independent directors.

Icahn, who is 86 years old, spent his career working with businesses and has always asked for boards seats when he feels that companies should run better. He settles often with the company, then steps aside when his preferred directors get involved in operations.

Icahn made a statement on Friday, saying that although he’s rarely felt the need for a change in CEO, that when it was needed it “almost always greatly increased value to ALL shareholders.” Icahn offered $82.50 per share to purchase the company.

Southwest announced last month that it will consider selling its company, along with other options, following an offer from Icahn for a higher price.