May 8, 2019 / 8:59 PM / a year ago

EQT to replace three directors ahead of shareholder vote - WSJ

May 8 (Reuters) - Oil and gas producer EQT Corp plans to replace three of its long-serving directors as it heads into a proxy fight with Rice brothers who want to take over running the company, the Wall Street Journal reported on Wednesday.

The natural gas producer is readying to nominate its 12-person slate of directors, which will include three newly added energy executives and won't include current Chairman James Rohr or directors Bray Cary or Lee Todd, the WSJ reported, citing people familiar with the matter.

Toby and his brother Derek Rice were part of the founding team of Rice Energy, which was bought by EQT in November 2017. They are pushing for a change in EQT's strategy and a shakeup of the board.

Toby Rice said in a statement on Sunday that he would drop his lawsuit against EQT after the company said it was not seeking to manipulate the outcome of his board challenge.

The brothers had nominated nine candidates to EQT's board.

EQT and Rice brothers were not immediately available for comment. (Reporting by Arundhati Sarkar in Bengaluru)

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