Rice brothers threaten to take over EQT’s board
Thursday, February 7, 2019
On Tuesday, EQT shareholders Toby and Derek Rice said they plan to nominate a slate of candidates to challenge the current EQT board if the company’s leadership does not accept their plan for restructuring the producer’s entire operational strategy, according to Platts.
During a conference call to outline their plans, the brothers called on the EQT board to hire Toby Rice to head the revamped company, replacing current CEO Rob McNally. They also asked the board to hire as many as 15 former Rice executives to rapidly implement changes to the producer’s operations in the Appalachian Basin.
The brothers, founders of Rice Energy, which EQT acquired in November 2017, own about 3 percent of the company’s outstanding shares collectively. They are expected to announce their slate of board candidates soon after EQT sets a date for its annual shareholder meeting.
Learn more: Platts >Rice brothers continue push to take over EQT’s board
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with only 3 percent holding how do they think they have a say?