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Range Resources Adds Independent Director to Board

Share Print Bookmark    |    Monday,August 08,2016

Range Resources Corp. and SailingStone Capital Partners, LLC, owner of approximately 11% of Range's shares outstanding, jointly announced that they have entered into an agreement for Range to appoint to its Board of Directors a mutually agreed upon independent director. 

Once identified and approved by Range's Board, the new director will join the Board effective immediately and stand for election at Range's 2017 Annual Meeting of Stockholders.  With this appointment, along with the expected new Director who will be joining the Board from Memorial Resource Development Corp. after the merger closes, Range's Board will be expanded from 9 to 11 directors, 10 of whom will be independent.  Additionally, the Company has agreed to establish a formal shareholder engagement program to be conducted by the independent directors and include additional metrics to both Range's short-and long-term compensation which reflect Range's well established commitment to creating value for shareholders.

Ken Settles, a Managing Partner at SailingStone, said, "Range is a great company with high-quality assets, a strong management team, a track record of operational excellence, and exciting long-term prospects. We believe a new independent director with upstream oil & gas engineering and financial expertise will augment and further strengthen the Board.  In addition, we are encouraged by the enhancements to the incentive compensation program and the newly agreed upon shareholder engagement initiative.  As Range's largest stockholder currently, we look forward to continuing to support the Range Board and management as they successfully complete this transaction and position the Company for further success."

Jeff Ventura, Range Resources CEO, said, "Range is committed to ensuring that its Board is composed of independent directors with the experience needed to oversee the execution of our strategy in today's operating environment. We are now preparing to enter into a new phase of growth through the Memorial transaction, and SailingStone has taken a significant interest in the long-term success of the combined Company. Our agreement with SailingStone reflects our mutual focus on realizing the full value creation potential of our expanded resource base for all shareholders. We look forward to working collaboratively with them to identify a new, highly-qualified independent director whose skills and experience will be additive to those already represented on our strong Board."