Beauty (and truth) is in the eye of the beholder. During the proxy fight earlier this year to control EQT’s board–and ultimately its management team–Toby Rice threw some sharp barbs including talk that EQT’s existing management was not up to the task of effectively running the company. The Rice boys said so, their board nominees said so, and Institutional Shareholder Services (ISS) said so. There will be change (i.e. personnel change) at the “operational level” said ISS. Imagine our surprise when, after assuming control, Toby said there would *not* be a wholesale replacement of top management (see Toby Rice, EQT’s New CEO, is NOT Cleaning House re Top Management). We guess it depends on what you mean by “top management,” because as of now, seven of the then eight members of the senior management team at EQT are gone. What about the last survivor?