News Summary: Hess to split CEO and chairman roles

News Summary: Hess to split roles of CEO and chairman; Elliot pushes on for new board

By The Associated Press | Associated Press – Sat, May 11, 2013 4:02 AM SGT

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SymbolPriceChange
HES69.68
GE23.46

BREAKUP: Under pressure from some of its shareholders, Hess Corp. said it will split the positions of CEO and chairman.

THE EXECUTIVES: John Hess, son of the company founder, will hold on to the CEO title, but the non-executive chairmanship will go to John Krenicki, former GE vice chairman, if shareholders approve during the company's annual meeting next week.

THE OPOSITION: Hedge fund Elliott Management says the move isn't a concession and vowed to continue to push for its own slate of board nominees.

 
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