Hess CEO Becomes Billionaire Following Singer Proxy Fight
This article is for subscribers only.
A little more than a year after settling a proxy fight with Paul Singer’s Elliott Management Corp. over how to boost the shares of energy giant Hess Corp., the company’s chief executive officer John B. Hess has become a billionaire as the stock hit a 5-year high this week.
The company announced two days ago it would form a master limited partnership to hold its midstream assets, such as rail cars and storage facilities, in North Dakota’s Bakken region, where Hess is the industry’s largest well operator. It also increased its share repurchase program to $6.5 billion from $4 billion. The stock is up 18 percent for the year.