EQT Corp. said Jan. 3 its board of directors appointed David Khani as CFO, effective immediately, as the Appalachian shale gas giant completes the transformation it undertook after the company’s former management team was replaced last year following an activist investor takeover led by Toby Z. Rice.

Khani joins EQT from CONSOL Energy Inc., where he has been executive vice president and CFO since 2013. He initially oversaw the combined natural gas and coal company and most recently the coal operations post the spinout from CNX Resources Corp. in November 2017.

“David is an ideal leader for our organization, bringing a unique combination of Appalachian E&P leadership, financial and capital markets acumen and experience in dynamic organizational transformation,” Rice said in a statement adding that he looks forward to working with Khani to realize “the full potential of EQT’s asset base.”

In July 2019, Rice took the reins of EQT as CEO following a successful proxy battle that he and his brother, Derek Rice, launched early last year. Pointing to poor operational performance, the brothers claimed that the company had been mismanaged since the sale of their Appalachia start-up to EQT.

Rice brothers Daniel, Toby and Derek had founded Rice Energy, which EQT bought for $6.7 billion (before debt) in December 2017, much of that in equity consideration. 

As part of the takeover, Rice also implemented a 100-day plan that included the creation of an evolution committee dedicated to reconstructing the company’s organization, technology and operations. The committee was chaired by Toby Rice and included brothers Derek and Daniel Rice as well as Kyle Derham, Will Jordan and members of EQT’s leadership team.

On Jan. 3, EQT disbanded the evolution committee saying its 100-day plan had been successfully executed. As a result, Derek Rice and Kyle Derham, who had also been serving as the company’s interim CFO, transitioned out of their role with the company as planned and returned to Rice Investment Group where they both serve as partners.

Commenting on the update, Toby Rice said: “I want to thank Kyle and Derek for their exceptional leadership during this pivotal transition phase at EQT. They have been instrumental in setting the foundation for success as EQT continues its evolution into the lowest cost natural gas operator in the U.S.”

Onshore