Crown Holdings, Inc. announced that it has entered into an agreement with Icahn Enterprises L.P., whereby Jesse Lynn and Andrew Teno, General Counsel of Icahn Enterprises and Portfolio Manager of Icahn Capital, respectively, will join the Company's Board of Directors, effective immediately. Mr. Lynn and Mr. Teno will also stand for election at the Company's upcoming 2023 Annual Meeting of Shareholders ("2023 AGM"), and Crown has agreed to include Mr. Teno and Mr. Lynn on its recommended slate of nominees for election at the Company's 2023 AGM. With the additions of Mr. Lynn and Mr. Teno, the Crown Board will expand to 13 directors, 12 of whom are independent.

Since 2019, the Company has refreshed over half the Board and added eight new independent directors, including the appointments announced on December 13, 2022. Pursuant to the Director Appointment and Nomination Agreement, Icahn Enterprises, which owns 8.5% of Crown's outstanding common stock, has agreed to customary standstill, voting commitments and other provisions. Evercore is serving as Crown's financial advisor and Dechert LLP is serving as legal counsel.