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  • June 2013
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Hess Corporation

By: Jay W. Lorsch and Kathleen Durante
  • Format:Print
  • | Language:English
  • | Pages:3
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Abstract

On January 29, 2013, Elliott Management, a hedge fund run by Paul E. Singer, which owned 4.5% of Hess Corporation stock, put forward a slate of five independent directors it wanted elected to improve the company's performance. Elliott argued that Hess lacked focus and was distracted by ventures outside its core exploration and production business. Further it argued that John Hess, CEO and son of the founder, was more interested in "maintaining a family dynasty than instilling accountability and addressing chronic underperformance."

Keywords

Takeover Attempt; Board; Hess; Governing and Advisory Boards; Organizational Structure; Acquisition; Financial Services Industry; Energy Industry

Citation

Lorsch, Jay W., and Kathleen Durante. "Hess Corporation." Harvard Business School Case 413-126, June 2013.
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About The Author

Jay W. Lorsch

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  • A Nonprofit Board in Transition at Farrington Nature Linc By: Jay Lorsch and Emily Irving
  • Uber in 2017: One Bumpy Ride By: Suraj Srinivasan, Jay W. Lorsch and Quinn Pitcher
  • Understanding Boards of Directors: A Systems Perspective By: Jay W. Lorsch
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