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Toby Rice Takes Control of EQT; McNally Out
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EQT Corp. has reported the results from the meeting of its shareholders, which have resulted in big changes to the company thanks to the proxy battle between the Rice brothers and EQT's former management.
Shareholders have elected all seven Rice Team-nominated directors as well as the five nominees supported by both EQT and the Rice Team. All 12 elected directors received more than 80% of the votes cast at the Annual Meeting.
The Board appointed Toby Z. Rice President and Chief Executive Officer. Mr. Rice succeeds Robert McNally, who has left the Company.
In addition, William E. Jordan has been named Executive Vice President and General Counsel. Mr. Jordan succeeds Jonathan Lushko, who has left the Company.
Toby Rice said, "We are deeply gratified by the shareholder support for the Rice Team and our plan for EQT. The Company has a world class asset base which provides abundant opportunities for value-creation. Now is the time to put this proxy contest behind us and come together as one team to transform EQT into a technology-enabled, sustainable energy producer. There is a lot of work to be done, and we look forward to rolling up our sleeves and working closely with EQT's talented employees to execute our plan. We are committed to a smooth transition and to realizing EQT's full potential to create significant value for shareholders."
The elected directors consist of:
- EQT's reconstituted Board will be comprised of Lydia Beebe, Dr. Philip Behrman, Lee Canaan, Janet Carrig, Dr. Kathryn Jackson, John McCartney, James McManus II, Anita Powers, Daniel Rice IV, Toby Rice, Stephen Thorington, and Hallie Vanderhider.
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