Carl Icahn has reached an settlement with auto provider Dana Inc. that offers the activist investor two seats on the board. Its shares jumped 2.2 % in early buying and selling.

The axle and powertrain components provider will briefly broaden its board to 12 members to make room for Icahn’s administrators — his son Brett Icahn and Gary Hu — and the beforehand introduced appointment of Ernesto Hernandez. After the corporate’s annual assembly, Raymond Mabus might be retiring and the dimensions of the board might be decreased to 11, Dana mentioned Friday in an announcement.

“Dana has made vital developments as a forward-thinking mobility firm, and we admire Icahn Capital’s help and constructive engagement as we proceed to execute our strategic plan,” Dana CEO James Kamsickas mentioned within the assertion.

Icahn, who owns a 9.9 % stake within the firm, first disclosed his funding within the firm within the fourth quarter of 2020. He mentioned within the assertion Friday he has had productive conversations with the corporate since then and acknowledged the progress it has made regardless of the present working challenges. He mentioned he additionally agreed to a customary standstill as a part of their settlement.

“We imagine Dana’s administration has positioned the corporate to seize vital market alternatives forward, particularly with respect to electrification in mobility,” he mentioned.

Dana’s shares climbed about 12 % over the previous 12 months by means of Thursday’s shut.

Icahn has a protracted historical past of investing within the auto sector, together with in firms like Pep Boys, which his Icahn Enterprises acquired in 2015. His Icahn Automotive operates companies concerned in aftermarket components distribution and providers.

Dana, primarily based close to Toledo, Ohio, was based in 1904 and operates in 33 nations. The corporate ranks No. 33 on the Automotive Information listing of the highest 100 world suppliers with worldwide gross sales to automakers of $7.1 billion in 2020.