LMT Lockheed Martin Corp

Three of Williams Cos.'s directors volunteered to give up their seats when their terms expire next month as part of the pipeline giant's board overhaul, the company said.

The Tulsa, Okla.-based company was thrust into the spotlight this summer after a n unsuccessful deal to merge with Energy Transfer Equity LP fell through. Six of its directors later resigned, following a failed attempt to oust Chief Executive Alan S. Armstrong.

One of those departing directors, hedge-fund manager Keith Meister of Corvex Management LP, then opened a proxy war to replace the board. Mr. Meister has since called off the challenge as Williams voluntarily replaced some board members with directors to Mr. Meister's liking.

On Thursday, Williams said again that it intends to appoint two more directors by the annual shareholders meeting, scheduled for Nov. 23.

If all nominees are elected at that time, the board would include 10 independent directors, with Mr. Armstrong remaining the only inside director.

The three directors who Williams said wouldn't seek re-election next month are:

—Juanita H. Hinshaw, president of a consulting firm who previously held executive positions at Graybar Electric Co. and Monsanto Co. She joined Williams's board in 2004.

—Joseph Cleveland, former chief information officer at Lockheed Martin Corp., who has been on the board since 2008.

—John A. Hagg, co-founder of Canadian Northstar Corp., whose successor was bought by Devon Energy Corp. Mr. Hagg joined the board in 2012.

The three are considered independent directors.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

October 06, 2016 19:35 ET (23:35 GMT)

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