PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced that, following certification of the voting results at the Company’s annual meeting by the independent inspector of elections, shareholders have elected all seven Rice Team-nominated directors as well as the five nominees supported by both EQT and the Rice Team. All 12 elected directors received more than 80% of the votes cast at the Annual Meeting.
EQT’s Board is now comprised of Lydia Beebe, Dr. Philip Behrman, Lee Canaan, Janet Carrig, Dr. Kathryn Jackson, John McCartney, James McManus II, Anita Powers, Daniel Rice IV, Toby Rice, Stephen Thorington, and Hallie Vanderhider.
The new EQT Board has met and unanimously approved the following Board actions. The Board elected John McCartney Chairman of the Board and reconstituted its committees. The Board also appointed Toby Z. Rice President and Chief Executive Officer. Mr. Rice succeeds Robert McNally, who has left the Company. In addition, William E. Jordan has been named Executive Vice President and General Counsel. Mr. Jordan succeeds Jonathan Lushko, who has left the Company.
“EQT shareholders have spoken and the vast majority support fundamental change at EQT,” said John McCartney. “I am honored to serve as Chairman of the new Board, which is among the most experienced, diverse and capable in the industry. I look forward to working together with my fellow directors and the management team as we work to chart a new path for EQT.”
Toby Rice said, “I want to thank my fellow EQT shareholders for their overwhelming support. The magnitude of the support we have received is a very strong mandate for our plan to transform EQT into a technology-enabled, sustainable energy producer. EQT is an excellent company with talented employees and tremendous opportunities in front of it.”
As part of the transformation process, the Board has created an Evolution Committee, which will be chaired by Toby Rice and will include Daniel Rice IV, Derek Rice, Kyle Derham, Will Jordan and members of EQT’s leadership team. The Evolution Committee is dedicated to executing a smooth but expeditious transition to reconstruct the Company’s organization, technology, and operations.
John McCartney is a professional director who has served on the Board of Directors of Huron Consulting Group since 2004 and as its non-executive Chairman since 2010. Mr. McCartney has also served on the Board of Directors of Datatec Limited since 2007, and currently serves as Chairman of the Remuneration Committee. In addition, he has served as a Director of Transco Inc. since 2011. Previously, he served as a Director of Rice Energy from 2015 until its acquisition by EQT in 2017. Mr. McCartney also served on the Board of Directors of Westcon Group, Inc. from 1998 to 2017, serving as chairman from 2011 to 2013 and from 2001 to 2009. From 2009 until 2015, he served on the Board of Covance Inc.
About EQT Corporation:
EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a longstanding history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.
EQT Management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via the Company’s investor relationship website at ir.eqt.com.
This communication contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this communication specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its subsidiaries. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently available to the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. The risks and uncertainties that may affect the operations, performance and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of the Company’s Form 10-K for the year ended December 31, 2018, as filed with the SEC and as updated by subsequent Form 10-Qs filed by the Company, and those set forth in the other documents the Company files from time to time with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.