logo
Plus   Neg
Share
Email

Range Resources Agrees With SailingStone To Add New Independent Directors

Range Resources Corp. (RRC) and investment advisory firm SailingStone Capital Partners, LLC, owner of about 17 percent of Range's shares outstanding, said they have entered into an agreement for Range Resources to appoint two mutually agreed upon independent directors to its Board of Directors.

The new directors, once identified and approved by the Board and SailingStone, will be appointed to the board immediately and would be expected to stand for election at Range's 2019 annual meeting of stockholders.

With these planned appointments, along with the recent departure of a director and the planned departure of a second director who has announced his retirement from the Board effective September 30, 2018, Range Resources' Board will be comprised of 10 directors, nine of whom will be independent.

Range Resources and SailingStone have also agreed to reduce the Board size to nine members by the 2019 annual stockholder meeting as part of the Board renewal process.
In addition, the company plans to initiate an external search for an Executive Vice President to supplement and strengthen its management team.

The company has also agreed to separate the Chairman and CEO roles and the Board has appointed Greg Maxwell, an independent Director, to the position of Chairman of the Board with immediate effect.

SailingStone has agreed to vote all of its shares in support of Range Resources' slate of director nominees, which is expected to include the newly appointed directors, at the company's 2019 annual meeting of stockholders.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Norway's central bank is likely to raise interest rates twice next year, despite the slump in oil prices, ING said Tuesday. The first hike could come in March, ING's economist Jonas Goltermann said. The Norges Bank is set to announce its latest interest rate decision on December 13. The bank... After failing to sustain an initial upward move, stocks showed a lack of direction over the course of the trading session on Tuesday. The major averages pulled back off their early highs and spent the rest of the day bouncing back and forth across the unchanged line. Under pressure from President Donald Trump, Senate Majority Leader Mitch McConnell, R-Ken., announced Tuesday the Senate will hold a vote on a criminal justice reform bill before the end of the year.
Follow RTT