- Push-out Score determined
- After less than one year in the position
- Thanks for McNally
- Toby Rice taking over
- McNally kept it short and said 47 words
(exechange) — Pittsburgh, Pennsylvania, July 10, 2019 — Rob McNally, chief executive of EQT, leaves. As announced by EQT Corp. in a news release and in a regulatory filing published on Wednesday, July 10, 2019, Robert (Rob) McNally leaves his post as Chief Executive Officer at the largest U.S. natural gas producer after less than one year in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange. Only 4 percent of the CEOs who departed over the past 12 months left their position within their first year. Around 12 percent left their position within two years, and 22 percent left their position within three years.
Rob McNally’s duties as CEO will be taken over by Toby Z. Rice, a former Chief Operating Officer of Rice Energy Inc.
Rob McNally’s move is part of a management shake-up also involving the position of General Counsel.
“Fundamental change”
A reason for Rob McNally’s departure from the CEO post was not explicitly provided. John McCartney, the newly elected Chairman of the Board, said: “EQT shareholders have spoken and the vast majority support fundamental change at EQT.”
Precise information regarding Rob McNally’s future plans was not immediately available.
“Has left the Company/action to terminate the employment”
EQT said: “Mr. Rice succeeds Robert McNally, who has left the Company.”
EQT further said: “On July 10, 2019, in connection with the appointment of Mr. Rice as the Company’s President and Chief Executive Officer, the Board took action to terminate the employment of Robert McNally as the President and Chief Executive Officer of the Company.”
Share price decline
The announcement follows a decline in EQT Corporation’s share price of 18 percent since November 2018.
In the position of CEO since 2018
McNally was named President and Chief Executive Officer and joined EQT’s Board of Directors upon completion of EQT’s upstream and midstream business separation in November 2018.
McNally was appointed Senior Vice President and Chief Financial Officer for EQT Corporation in March 2016, and in March 2017 assumed additional management responsibilities for the Business Development, Facilities, Information Technology, Innovation, and Procurement functions.
McNally also was a director and Senior Vice President and Chief Financial Officer of the general partners of EQM Midstream Partners, LP and EQGP Holdings, LP, as wells as serving as a director and Senior Vice President and Chief Financial Officer of the general partner Rice Midstream Partners LP (a master limited partnership acquired by EQT through its acquisition of Rice Energy Inc.) from November 2017 through July 2018.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to EQT and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 28.2019 ($).