May 9, 2019 / 2:05 PM / a year ago

EQT shareholders Rice brothers say board changes not enough

(Reuters) - EQT Corp shareholders Rice brothers on Thursday said the company’s plan to replace three board members was not enough and urged it to change its leadership.

The oil and gas producer said on Wednesday three of its long-serving directors, including its chairman James Rohr, would step down and announced plans to nominate their replacements.

“Modest board changes without a leadership team change will not, in our view, put EQT on a path to unlock the true potential of its asset base,” the brothers said in a statement, adding that even if the company manages to achieve 2019 targets, it would remain the highest cost operator in the Appalachian Basin.

Rice Energy’s Toby Rice and brother Derek, who own around 3.1 percent stake in EQT, have been asking for Toby Rice to be made the company’s chief executive officer.

EQT Corp was not immediately available for comment.

Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel

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