(Reuters) -Icahn Enterprises on Wednesday named insider Andrew Teno as its CEO, replacing David Willetts, who will head one of billionaire Carl Icahn-owned investment firm’s portfolio companies.

Teno has been the portfolio manager at Icahn Capital and is a board member of natural gas company Southwest Gas Holdings and gene-sequencing company Illumina.

IEP chair Carl Icahn said the Teno has “an impressive record of stock picking and position stewardship within our investment segment”.

The company also kept its quarterly dividend of $1 per depositary unit. Shares fell nearly 2.7% in early trading.

Investors have been closely watching its payouts in recent months after short seller Hindenburg Research bet against IEP and accused it of operating a “ponzi-like” structure to pay dividends.

IEP said outgoing CEO Willetts will lead auto repair and service firm Pep Boys, a company that the investment firm acquired in 2015.

“David’s skill set is particularly suited to work on a day-to-day basis to drive the significant value creation potential in Pep Boys,” the billionaire activist investor said.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)