Skip to main content

Paul Singer Haggles A Third Hess Board Seat

  • Author:
  • Updated:

A promise to seat two of its board candidates after Elliott Management voted for its own five was insulting. A promise to seat three under the same circumstances? That's a compromise Paul Singer can embrace.

Under the terms of the settlement, Elliott Management will back Hess’s slate of five nominees, all of whom are new and independent of management. In return, Hess will seat three of Elliott’s candidates shortly after the meeting….

Thursday’s settlement will go hand in hand with other moves to shake up Hess’s board. The roles of chairman and chief executive – both currently held by Mr. Hess, the son of the company’s founder – will be split. And the Hess family will recommend that the entire board come up for election every year instead of every three years.

The agreement was reached late on Wednesday night, after a few phone calls between the two sides in recent days, according to a person briefed on the matter. Hess and its advisers had heard from a number of large shareholders who expressed support for the company’s slate, but who also wanted to seat at least some of Elliott’s nominees.

Elliott had held a lead in the voting heading into the meeting, people briefed on the results said previously.

Hess and Elliott Settle Fight Over Makeup of Board [DealBook]


By AvidInsight (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Santa Paul Singer Places Pulverized Hess Truck Under CEO’s Christmas Tree

Also, a lump of coal in his stocking and the words “sell or quit” written in cookie crumbs, in case the first message didn’t get across.

Getty Images

Paul Singer For President

...says Paul Singer. Anybody but Trump or Hillary for this guy.


Paul Singer’s Still Got It

The hedge fund game's most talented Shade Queen is in fine form.

Getty Images

Company Regains Senses, Submits To Paul Singer In Nick Of Time

Arconic decides against losing Thursday's popularity contest.

paul singer

Paul Singer Suggests Cancelling Second Election If He Wins First

If not, let Telecom Italia investors just keep voting until he does.

paul singer

Paul Singer Gives Helping South America A Try

Failing that he might just try a land invasion.