Elliott Management Lists Nominess for Hess Corp's (HES) Board
Elliott Management Corporation sent a letter to shareholders of Hess Corporation (NYSE: HES) urging them to elect at the Company’s 2013 Annual Meeting the following slate of five independent directors to the Board:
* Rodney F. Chase - Former Deputy Chief Executive, BP plc
* Harvey Golub - Former Chief Executive Officer, American Express Company
* Karl F. Kurz - Former Chief Operating Officer, Anadarko Petroleum Corporation
* David McManus - Former Executive Vice President, Pioneer Natural Resources Company
* Marshall D. Smith - Chief Financial Officer, Ultra Petroleum Corporation
Alternate board nominees are:
* William Berry - Former Executive Vice President, ConocoPhillips Company
* Jonathan R. Macey - Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
Elliott strongly advocates for Hess to conduct a full strategic and operational review to consider all pathways to maximize shareholder value which could include implementing a substantial divestment program with a potential spinoff of the Bakken asset to refocus its portfolio; improving operations and accountability; and bringing greater discipline to capital allocation.
* Rodney F. Chase - Former Deputy Chief Executive, BP plc
* Harvey Golub - Former Chief Executive Officer, American Express Company
* Karl F. Kurz - Former Chief Operating Officer, Anadarko Petroleum Corporation
* David McManus - Former Executive Vice President, Pioneer Natural Resources Company
* Marshall D. Smith - Chief Financial Officer, Ultra Petroleum Corporation
Alternate board nominees are:
* William Berry - Former Executive Vice President, ConocoPhillips Company
* Jonathan R. Macey - Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
Elliott strongly advocates for Hess to conduct a full strategic and operational review to consider all pathways to maximize shareholder value which could include implementing a substantial divestment program with a potential spinoff of the Bakken asset to refocus its portfolio; improving operations and accountability; and bringing greater discipline to capital allocation.