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
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