Miller Energy resolves fight with hedge fund over board, management

Miller Energy (MILL +4.6%) resolves a proxy fight with hedge fund Bristol Capital by agreeing to expand its board by one seat and naming former U.S. Energy Secretary and former New Mexico Gov. Bill Richardson as a new director.

Scott Boruff will remain CEO and keep his board seat, even after Bristol Capital and Lone Star Management had railed against Boruff and MILL management, saying any rise in the company's share price were "in spite of senior management, not because of it."

MILL recently nominated two other director candidates, which together with Richardson, would result in six independent directors on the eight-member panel, and named a new CFO.

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