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
MillerCoors LLC has filed a lawsuit against Anheuser-Busch Companies LLC, part of Anheuser-Busch InBev, alleging that Anheuser-Busch's ad campaigns associating MillerCoors' products, Miller Lite and Coor Light, with corn syrup is "false and misleading." During the Super Bowl, ABInBev ran an advertising campaign that mocked Miller Lite and Coors Light use corn syrup in brewing. Shares of Biogen Inc. are falling almost 28 percent in Thursday's trading after the company and Japanese drugmaker Eisai Co. said they will discontinue two late-stage trials for their experimental Alzheimer's drug, Aducanumab. The two Phase 3 trials, ENGAGE and EMERGE, are multi-center, randomized, double-blind, placebo-controlled, parallel-group studies designed to evaluate Aducanumab. The European Union on Wednesday ordered Alphabet Inc.'s Google to pay an antitrust fine of 1.49 billion euros for abusing its dominant position in the online search advertising intermediation market by preventing competition. This is the third antitrust fine by the EU against Google and it represents 1.29 percent of the tech giant's turnover in 2018.
Follow RTT