New EQT leaders cutting staff by 23%

New managers of EQT Corp., Pittsburgh, have announced a 23% staff reduction. In a press statement, the company said the 196 jobs to be cut account for about $50 million/year of general and administrative costs.

New managers of EQT Corp., Pittsburgh, have announced a 23% staff reduction.

In a press statement, the company said the 196 jobs to be cut account for about $50 million/year of general and administrative costs.

After a proxy contest this year, EQT shareholders reshuffled the board and replaced top executives, making Toby Rice chief executive officer (OGJ Online, July 10, 2019).

Rice was among former officials of Rice Energy Inc. who launched the proxy war. EQT acquired Rice Energy in 2017 for $8.2 billion.

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