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UPDATE: Rice brothers nominate 9 directors to EQT board


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UPDATE: Rice brothers nominate 9 directors to EQT board

Toby and Derek Rice, former executives at Rice Energy Inc. before EQT Corp. acquired the company, are nominating a slate of nine directors to EQT's board at its annual meeting on July 10, amid their campaign to take control of the largest U.S. natural gas producer.

The nominations include Toby and another brother, Daniel Rice IV, who are partners at the energy-focused investment company Rice Investment Group; Kathryn Jackson, director of energy and technology consulting for the consulting services firm KeySource Inc.; and John McCartney, non-executive chairman of Huron Consulting Group Inc., according to a March 21 news release.

Toby was previously president, COO and director of Rice Energy, which merged with EQT in November 2017. Daniel, a current member of the EQT board, had served as CEO of Rice Energy. Jackson and McCartney formerly sat on Rice Energy's board.

The Rice brothers' nominees also include Jay Graham, chairman and CEO of Spur Energy Partners and former CEO and board chairman of Wildhorse Resources Development Corp. before it was acquired by Chesapeake Energy Corp.; and Mark Leland, a member of the boards of Apache Corp.'s Altus Midstream Co. and the real estate investment trust PotlatchDeltic Corp.

Other board nominees comprise Lydia Beebe, principal of corporate governance consulting firm LIBB Advisors LLC; Lee Canaan, founder and portfolio manager of private investment management firm Braeburn Capital Partners LLC; and Hallie Vanderhider, managing director of SFC Energy Management LP.

Responding to the Rice brothers' nominations, EQT said its board's corporate governance committee will review and consider the nominees and provide a formal recommendation in the company's definitive proxy statement. "The EQT board and management team will continue to take actions to enhance shareholder value and position EQT for growth and success," the company said in a March 21 statement.

The Rice brothers said in January that they will start a campaign to replace EQT's board, clear out the C-suite and get Toby hired as CEO in reaction to the company's $2 billion 2019 capital spending plan.