Ellios Management urges Hess shareholders to elect directors of the Board

theflyonthewall.com

Elliott Management sent a letter to shareholders of Hess urging them to elect at the Company's 2013 Annual Meeting the following slate of five independent directors to the Board: Rodney F. Chase, former Deputy Chief Executive, BP; Harvey Golub, former CEO, American Express; Karl F. Kurz, former COO, Anadarko Petroleum; David McManus, former Executive Vice President, Pioneer Natural Resources Compan; Marshall D. Smith, CFO, Ultra Petroleum. Alternate board nominees are William Berry, former Executive Vice President, ConocoPhillips and Jonathan R. Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School. Elliott strongly advocates for Hess to conduct a full strategic and operational review to consider all pathways to maximize shareholder value which could include implementing a substantial divestment program with a potential spinoff of the Bakken asset to refocus its portfolio; improving operations and accountability; and bringing greater discipline to capital allocation.

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