Sard Verbinnen & Co is advising Hess Corp. as the New York-based oil company goes public with plans to “transform” into an exploration and production company and leave its retail gas stations behind.

Hess said March 4 it will unload its retail operations, energy trading and marketing units in a plan announced alongside a dividend hike, $4B stock buyback program, and board shuffle.

Hess laid out its vision in a letter to shareholders and a press release today, pitching the focus on E&P as a higher growth, lower risk plan.

In addition to Sard, the company has enlisted the proxy solicitation firm MacKenzie Partners.

Hedge fund Elliott Management, which works with Sloane & Company for PR, had been pressuring Hess to make changes since late January in a campaign dubbed "Reassess Hess."

EM, which is working with proxy firm Okapi Partners, responded to Hess’ plans with disappointment today and said it will offer its own board slate. “Hess’s proposal falls dramatically short of what is needed,” the hedge fund said in a statement detailing its concerns.