May 13 (Reuters) - Oil and gas producer InterOil Corp's former chief executive, Phil Mulacek, and other shareholders nominated five independent directors to the company's board.
The shareholders, who collectively own about 7.6 percent of InterOil, said in a statement "the incumbent board has presided over a massive destruction of shareholder value."
Up to Thursday's close, the company's shares had fallen more than 38 percent in the last 12 months.
InterOil on Friday reported a smaller net loss for the first quarter ended March 31, helped by lower exploration and finance costs.
(Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)
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