Leucadia National Corp. seems happy one of its own will soon help lead Harbinger Group.
On Tuesday, the diversified holding company—whose brands include the maker of George Foreman grills, insurer Fidelity & Guaranty Life and real estate investment firm CorAmerica Capital—announced that embattled investor Phil Falcone would step down as chairman and CEO on Dec. 1 and would be replaced as board chair by Joseph Steinberg, a Harbinger director since July and chairman of Leucadia. A search is underway for the new CEO.
On Wednesday, Leucadia said it bought $64.5 million in Harbinger stock, bringing its stake to 23 percent of the company. The shares came from Falcone's hedge fund, Harbinger Capital Partners, according to a regulatory filing.
Leucadia's largest business is Jefferies. Both Leucadia and Jefferies are led by CEO Richard Handler. Andrew Whittaker, vice chairman of Jefferies and Leucadia, has also been a Harbinger Group director since July.