Investors Cheer as Elliott Proposes Several Nominees for Hess (HES) Board
Nominees are executives from different energy companies like BP plc (NYSE: BP) and Anadarko Petroleum (NYSE: APC).
Elliott, which holds about 4 percent of Hess stock, announced plans for another $800 million investment in the company on Monday. At that time, Elliott also indicated it would be making nominations for Hess' board.
The firm's letter highlights how a stronger management structure is needed at the exploration and production company.
Investors appear to agree; shares of Hess are up about 3 percent early.