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Hess, Elliott reach deal on revamped board

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May 16, 2013 09:03 AM EST | AP

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HOUSTON — Hess and Elliott Capital Management say they have reached an agreement that gives board seats to three people nominated by the activist hedge fund.

Hess Corp. said Thursday that in turn for getting its nominees on the board, Elliott will support five of Hess' nominees. The board's size will remain at 14 members.

The announcement comes on the day of Hess' annual meeting in Houston.

Elliott, which has a 4.52 percent stake in New York-based Hess, has battled for spots on the company's board while pushing for drastic changes at the energy company. Hess had accused Elliot of trying to disrupt progress it has already made in reshaping itself.

Last week Hess said it will split the roles of chairman and CEO following its annual meeting.