Hess Corporation held its annual meeting of stockholders on May 16, 2013. The company announced in accordance with the company's commitment to separate the positions of Chairman and Chief Executive Officer, the Board elected Dr. Mark Williams as non-executive Chairman of the Board. The Board of Directors also appointed three Elliott nominees to the Board: Rodney Chase, Harvey Golub, and David McManus. The Hess Board will continue to consist of 14 persons as a result of the retirements of Samuel W. Bodman, Craig G. Matthews, and Ernst H. von Metzsch. Stockholders of the company approved the amendment of company's restated certificate of incorporation and bylaws to declassify the board of directors, at the AGM held on May 16, 2013.

John Hess is being stripped of his chairman duties at Hess Corporation as the oil and gas company scrambles to avoid an embarrassing defeat by an activist investor. The company said on May 10, 2013 that it will separate the roles of chairman and chief executive immediately following its annual meeting next week. Mr. Hess - the son of Hess Corp. founder Leon Hess - has held both roles since 1995. He will remain CEO and a director at the company. In addition to the slate of board nominees backed by hedge fund Elliott Management, shareholders were also set to vote on a proposal to break up the two positions at next week's annual meeting. Hess had recommended shareholders vote against the split.

Marathon Petroleum Corporation (NYSE:MPC) is looking to acquire retail network of approximately 1,350 sites from Hess Corporation (NYSE:HES), President and Chief Executive Officer of Marathon hinted.