Hess Shuffles Management Plan As Proxy Showdown Looms

Law360, New York (May 10, 2013, 4:37 PM EDT) -- Hess Corp. outlined plans Friday to separate the roles of CEO and chairman and appoint a onetime General Electric Co. executive to lead its board, the oil company's latest play in a fiery fight with an activist hedge fund.

The company intends for the move to ramp up its accountability, as the company has come under fire for sluggish earnings and what critics have called a disjointed business approach. Hess' woes have come into sharper focus as New York-based Elliott Management Corp. has intensified its push...
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