Houston attorney Will Jordan was appointed general counsel of Pittsburgh-based EQT Corp. after the Rice brothers took control of the company in a bitter proxy fight.
Toby and Derek Rice, who own 3% of the natural gas producer’s shares, won seven seats on its 12-member board at a shareholders meeting on Wednesday. Toby Rice assumed the CEO role, replacing Rob McNally, who left the company.
“There is a lot of work to be done, and we look forward to rolling up our sleeves and working closely with EQT’s talented employees to execute our plan,” Toby Rice said in a statement.
Jordan, who replaces Jonathan Lushko, was general counsel of Rice Energy for almost four years before EQT acquired the company in 2017.
Before joining Rice in 2014, the Duke-trained attorney practiced at Vinson & Elkins in Houston, working alongside partner Doug McWilliams and then-associates Lande Spottswood and Ryan Carney on deals. He focused on capital markets work.
V&E counseled Rice on its $6.7 billion sale to EQT, including McWilliams and partner Steve Gill. Wachtell Lipton Rosen & Katz had represented EQT.
The Rice brothers had long criticized EQT management for the company’s poor operating performance, which was compounded by persistently low natural gas prices, and decided to launch a proxy battle for control in May.
Hedge fund D.E. Shaw & Co., which supported the Rice brothers along with T. Rowe Price, Kensico Capital and Elliott Management, said in a statement it was encouraged by the development.
“We strongly believe that with the right board and management team in place, the company is better positioned to create significant value for all of its shareholders,” the firm said.
Josh Silverstein, an analyst at Wolfe Research, told Bloomberg that Houston-based Southwestern Energy Co., along with Gulfport Energy Corp. in Oklahoma City, could be the next dissident targets.