8-KLeadership ChangesRegulation FDExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Aug 9, 2018)

Filed August 9, 2018For Securities:EQT

Summary

EQT Corporation (EQT) announced significant leadership changes coinciding with the planned separation of its upstream and midstream businesses. David L. Porges will retire as Interim President and CEO and step down from the Board of Directors, contingent upon the closing of the separation. He is expected to chair the board of the new midstream entity, Equitrans Midstream Corporation. Robert J. McNally, currently EQT's Senior Vice President and Chief Financial Officer, has been appointed as the new President and CEO and a Board member of EQT, effective upon Mr. Porges' departure. Additionally, Thomas F. Karam will transition to lead the midstream business as CEO of Equitrans Midstream Corporation, taking on the role of Senior Vice President and President, Midstream for EQT in the interim. James E. Rohr is slated to become the Chairman of EQT's Board.

Key Highlights

  • 1David L. Porges to retire as EQT President & CEO and resign from the Board, contingent on midstream separation.
  • 2Robert J. McNally appointed new EQT President & CEO and Board member.
  • 3Thomas F. Karam to become President & CEO of the new midstream company (Equitrans Midstream Corporation) and interim SVP & President, Midstream at EQT.
  • 4James E. Rohr expected to become Chairman of EQT's Board.
  • 5Leadership changes are linked to the previously announced separation of EQT's upstream and midstream businesses.
  • 6Several directors will transition to the board of the new midstream company upon separation.
  • 7Jeremiah J. Ashcroft III's employment as EQT Senior Vice President and President, Midstream terminated.

Frequently Asked Questions

These leadership changes are primarily driven by EQT Corporation's planned separation of its upstream and midstream businesses. The new structure necessitates new leadership for both the remaining EQT (upstream focused) and the newly formed midstream company, Equitrans Midstream Corporation.

Robert J. McNally, who previously served as EQT's Senior Vice President and Chief Financial Officer, has been appointed as the new President and CEO of EQT Corporation. His appointment is effective upon the retirement of the current Interim President and CEO, David L. Porges.

Upon his retirement as President and CEO and resignation from the EQT Board, David L. Porges is expected to be appointed as the Chairman of the Board of Directors for Equitrans Midstream Corporation, the new company that will operate EQT's former midstream business, contingent upon the closing of the separation.

Thomas F. Karam, who is transitioning to lead the midstream business as CEO of Equitrans Midstream Corporation, will receive an annual base salary of $600,000, a target 2018 annual incentive award of $420,000, and a 2018 long-term incentive award valued at $3,000,000.