Hess to split roles of CEO and chairman

Friday, May 10th, 2013 | Finance News

NEW YORK (AP) — After a tussle with major shareholder Elliott Management, the New York energy company Hess is splitting the roles of chairman and CEO.

John Hess will hold his CEO job and the company will bring in John Krenicki, the former GE vice chairman, as non-executive chairman. Krenicki must still be elected and the change will take place after the company's annual shareholder meeting on Thursday in Houston if approved by shareholders.

Elliott has been pushing for changes at Hess and is seeking to get its own slate of nominees elected to the board.

Hess has accused the hedge fund of trying to disrupt progress it has already made in reshaping itself as a pure-play exploration and production company.