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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alphabet's subsidiary Loon LLC has secured its first commercial deal - to deliver 4G internet access to remote areas of Kenya using high-altitude balloons. Loon will partner with Telkom Kenya to deliver connectivity to parts of Kenya. Telkom Kenya announced Thursday that it has signed a definitive agreement with Loon to pilot a new 4G/LTE access network service in Kenya. The Cow Calendar era is coming to an end. Chick-fil-A said it is axing one of its well-loved products, the Cow Calendar. The 2018 Cow Calendar will be the chicken chain's last calendar. Chick-fil-A first launched the Cow Calendar in 1998 that featured cows as a new tool to convince people to eat more chicken. The calendars were popular not just for the pictures of funny Chick-fil-A cows. Japanese telecom giant Nippon Telegraph and Telephone or NTT has filed a patent for a blockchain technology-based new contract agreement method. NTT, the world's fourth-largest telecom provider, explains the ways to use the application to store contracts without tampering documents.
Follow RTT