On May 7, 2022, Southwest Gas Holdings reached a settlement on May 6, 2022, with Carl Icahn that will replace the Company's chief executive and hand as many as 4 board seats to the billionaire investor. The settlement ends a months-long battle Icahn launched with the Las Vegas, Nevada-based company in October as it pushed ahead with plans to buy Questar Pipelines for roughly $2 billion. The Company said it promoted Karen Haller to CEO and president, replacing John Hester immediately.

Icahn said in a statement that no settlement would have been reached without Hester leaving the Company. The Company stated that Icahn will be allowed to appoint at least 3 directors after annual meeting. In addition, the company said a fourth director will join the board if the board decides not to spin off infrastructure services company Centuri, a decision the company announced in March.

Icahn said in a statement that he has rarely felt the need to oust a CEO but that when such a move was necessary, it almost always greatly enhanced value for all shareholders.