EQT Corp. said May 8 it will replace three long-serving members of its board of directors, though the move does little to cool down the proxy battle the Appalachia shale producer is facing.

The company has nominated Janet L. Carrig, James T. McManus II and Valerie A. Mitchell to replace the outgoing directors, which include Board Chairman James Rohr, A. Bray Cary Jr. and Lee T. Todd Jr., who will not be seeking reelection at the 2019 annual meeting to be held in July.

On May 9, Toby and Derek Rice, EQT shareholders who are leading an activist campaign against the company, said the board changes are not enough to bring about the change needed at EQT. This also followed a lawsuit against EQT filed by Toby Rice in late April that he later dropped.

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