Three Elliott Capital Management nominees to join Hess board, while Hess splits roles of chairman and CEO.
Hess and Elliott Capital Management have reportedly reached an agreement that gives board seats to three nominees by the activist hedge fund, News & Observer Online reported.
Hess Corp. on Thursday reported that in return for the addition of Elliott’s three nominees to the board, Elliot has pledged to support five of Hess’ nominees. The board’s size will remain at 14 members.
The announcement comes on the day of Hess’ annual meeting in Houston.
Elliott, which has a 4.52% stake in New York-based Hess, has been fighting for seats on the company’s board, while pushing for strong changes at the company. Hess had accused Elliot of trying to disrupt progress it has already made in reshaping itself, News & Observer Online reported.
Hess announced plans to split the roles of chairman and CEO, following its annual meeting.