This story was originally posted on March 15 at 10:52 am CST. It was updated on March 16 at 9:26 pm CST.
EQT Corp.’s (NYSE: EQT) Steve Schlotterbeck's resignation as the company's president and CEO was the result of pay dispute with the board of directors. Schlotterbeck confirmed the reason via a LinkedIn post on March 16 and to the Pittsburgh Post-Gazette later the same day.
"My ask was to be paid at the average of EQT's peer group which I thought was very fair given the year we had," Schlotterbeck told the newspaper. "The board obviously disagreed."
Schlotterbeck's direct compensation in 2016 was $5.6 million. In 2015, it was $6 million. EQT has not yet filed its proxy statement with the Securities & Exchange Commission for 2017.
Schlotterbeck took to LinkedIn on March 16, the day after his sudden resignation to dispel rumors that his resignation was the result of something more "sinister."
"It was just a plain vanilla disagreement between me and board on my value to the corporation," he wrote in a message. He wrote that the "personal reasons" that the company cited "does not mean that I or my family have any health issues nor is there any sort of #metoo scandal brewing.
"Looking forward to having some time off and excited about whatever is next."
The board of directors has appointed David L. Porges as interim president and CEO. Porges has held various roles at EQT since joining the company in 1998.
Jerry Ashcroft will replace Schlotterbeck as the president and CEO of EQGP, EQM and RMP.
“We thank Steve for his dedicated service to EQT and its stakeholders over the last 18 years. Steve was a valued contributor as EQT transformed from a regional, retail gas company into the largest natural gas producer in the United States,” EQT’s board of directors said the press release.
The company remains confident about its operational prospects and reaffirms the fiscal year 2018 guidance announced on February 15, 2018.
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