Activist investor Carl Icahn has raised his stake in Herbalife Ltd to 23.1 percent as of Nov. 3, according to a regulatory filing on Thursday.

Icahn had reported a 20.78 percent stake in the company in August.

Herbalife said on Tuesday that Chief Executive Michael Johnson would step down next year and be replaced by Chief Operating Officer Richard Goudis, a choice Icahn said he fully supported.

Johnson’s departure caps a tumultuous 13-year tenure that was marked by a bitter fight with activist investor William Ackman.

Ackman and Icahn have opposing bets on Los Angeles-based Herbalife. Ackman for years has accused Herbalife of running a pyramid scheme and bet that the stock would fall to zero.

Icahn famously called Ackman a “liar” and a “crybaby” in a CNBC interview in 2013. They have since made up.


The U.S. Federal Trade Commission opened a probe into Herbalife in 2014 following Ackman’s allegations.

The company, in July, agreed to pay $200 million and change the way it does business to avoid being labeled a pyramid scheme by regulators.