July 10, 2019 / 1:38 PM / 11 days ago

Rice group wins board control at gas producer EQT, new CEO to be named

BOSTON, July 10 (Reuters) - A pair of brothers has won control of the board of directors of natural gas producer EQT Corp, and one of them, Toby Rice, is expected to be named chief executive officer later on Wednesday, the company said.

Shareholders ranging from mutual fund group T. Rowe Price Group Inc to pension fund CalSTRS elected all seven Rice Team nominees as directors as well as five nominees supported by both Rice and EQT, the company said in a statement.

“The newly constituted Board will meet later today and is expected to name Toby Z. Rice as President and CEO, succeeding Robert McNally,” the statement added.

The board is also expected to name John McCartney, a former board member of Rice Energy, a natural gas and oil firm, as its chairman, a person familiar with the matter said on Wednesday.

The vote ends an eight-month campaign against the previous EQT board and management during which the Rice brothers claimed they had mismanaged the company since the brothers sold them Rice Energy in 2017. (Reporting by Svea Herbst-Bayliss Editing by Jeffrey Benkoe)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below