Pioneer Natural Resources to reduce board, delays annual meeting

By Lisa Kerner

Charlotte, N.C., March 19 - Pioneer Natural Resources Co. said it will reduce its board of directors to 10 members from 11 members under an agreement with its largest shareholder Southeastern Asset Management, Inc.

The board will consist of seven existing members, including Pioneer's chairman and chief executive officer Scott Sheffield, and three new directors to be recommended by Southeastern and approved by Pioneer, according to a company news release.

Pioneer said it expects to name the new directors and continuing outside directors by June 1.

As a result of the agreement, Pioneer will reschedule its May 8 annual meeting of shareholders.

"We believe the newly constituted board will bring a fresh focus to intelligent hedging and capital allocation to complement Pioneer's operational strengths," said O. Mason Hawkins, chairman of Southeastern, in a statement.

Southeastern owns about 23 million shares, or 20%, of the Dallas-based oil and gas exploration and production company.

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