Falcone Steps Down From Harbinger Group to Focus on HC2

Philip Falcone is stepping down as chairman and chief executive officer of Harbinger Group Inc., the public holding company in which his hedge fund owns a stake, as Harbinger’s biggest shareholder exerts more control.

Leucadia National Corp., already the biggest single owner of Harbinger Group, bought an additional 5 million shares, bringing Leucadia’s stake to about 22 percent, according to a person with knowledge of the matter, who asked not to be identified because the purchase hasn’t been publicly disclosed.