Palo Alto Investors backs governance and management changes at Gastar Exploration
|January 31st, 2010||
|After Palo Alto Investors LLC announced their plans to discuss possible changes in Gastar Exploration’s governance and management in a Schedule 13-D filing in November of last year, the activist hedge fund manager gave the firm’s full support for the changes proposed by the company’s Board of Directors in earlier this month. According to a press release, Gastar has separated the roles of Chief Executive Officer and Chairman and appointed John Rooney to the latter position. Gastar’s Board has additionally named Randolph C. Coley a new independent Director who will also sit on Gastar’s corporate governance, nominating, and auditing committees. The Board plans to nominate another independent Director at the 2010 annual shareholder meeting later this year.|
Other notable hedge fund investors that hold Gastar include T. Boone Pickens’ BP Capital Management with 578,500 shares and Jim Simons’ Renaissance Technologies Corporation with 255,661 shares.
For Detailed Investor Profiles on these Investors, click below: