Investment firm Elliott Management Corp. on Tuesday urged shareholders of energy company Hess Corp. (HES: Quote) to elect at the company’s 2013 Annual Meeting a slate of five independent directors to the Board.
In a communique to Hess shareholders, Elliott listed the slate of five independent directors:
– Rodney Chase, Former Deputy Chief Executive, BP plc. – Harvey Golub, Former CEO, American Express Co. – Karl Kurz, Former Chief Operating Officer, Anadarko Petroleum Corp. – David McManus, Former Executive Vice President, Pioneer Natural Resources Co. – Marshall Smith, Chief Financial Officer, Ultra Petroleum Corp.
Elliott also listed alternate board nominees including: William Berry, Former Executive Vice President, ConocoPhillips Co.; and Jonathan Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School. Elliott said it strongly advocates for Hess to conduct a strategic and operational review to consider 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.
Elliott, affiliates of which beneficially own 4 percent of the common stock of Hess Corp., is a multi-strategy investment firm.
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by RTT Staff Writer
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