Range Resources Corporation, a Fort Worth company that has leasing goals in Oklahoma is facing problems with a major New York investment firm.
Stelliam Investment Management LP informed Range Resource management this week it intends to vote against the company’s board nominees at the upcoming May 16 annual meeting. Stelliam owns 8.9 million shares or 3.6% of shares outstanding in the company.
It notified James Funk, Lead Independent Director at Range of its intentions.
“We are writing to inform you that we are voting against all current directors at this year’s annual meeting because we believe the board as a group is representing its own and management’s interests instead of the interests of shareholders,” stated the company.
“We believe that the actions of Range’s management, with the oversight of the board, have destroyed substantial value at Range. At the same time, the very officers and directors who have been the primary drivers of Ranger’s poor stock performance have profited at shareholder expense.”
The company also complained of the annual awarding of increasing numbers of shares at lower prices to the management and board. It also cited the rewarding of failure by approving the payment of enormous retirement benefits to executives.
The board includes: Brenda Cline, a director since 2015; Anthony Dub since 1995; Allen Finkelson since 1994; James Funk, the lead independent director since 2008; Christopher Helms who has been a director since 2014; Robert Innamorati since 2016; Mary Ralph Lowe since 2013; Gregory Maxwell since 2015; Kevin McCarthy since 2005; Steffen Palko since 2016; and Jeffrey Ventura, Chairman, President and CEO since 2005.
While the company’s main operations are in Louisiana and the Marcellus play in the Appalachians, it also targets much of Oklahoma in its leasing targets.