Reuters: Financial Services and Real Estate: UPDATE 1-WebMD Health adds Icahn nominee to board

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UPDATE 1-WebMD Health adds Icahn nominee to board Jun 8th 2012, 22:44 Fri Jun 8, 2012 6:44pm EDT * David Schechter to join board after July 24 * WebMD is "undervalued," says Carl Icahn June 8 (Reuters) - Online health information provider WebMD Health Corp, which took itself off the auction block in January after talks with private equity firms failed, said it would appoint a nominee of its top shareholder Carl Icahn to its board. David Schechter, a portfolio manager for Icahn Capital, will join WebMD's board of directors immediately after the information provider's annual shareholder meeting on July 24. "We believe that WebMD is undervalued from a long term perspective," activist investor Icahn said in a statement. The billionaire investor has a reputation for overhauling the management of struggling companies and has even pushed several to sell themselves. "As a member of the board, David will work with the other directors and management to enhance the value of the company for all shareholders," Icahn added. WebMD, in which Icahn holds a 13.2 percent stake, had been scouting for buyers but ended the talks in January when it also warned of lower 2012 profits as its advertisers in the drug industry cut spending. The company's shares, which are down 18 percent since it stopped efforts to shop itself, were up 32 cents at $22.95 in extended trade on Friday. Link this Share this Digg this Email Reprints

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