Williams Unveils More Board Changes
September 26 2016 - 10:00AM
Dow Jones News
Williams Cos. named two new members to its board and plans to
name two more before its annual meeting in November, a move praised
by activist investor Corvex Management LP, which plans to withdraw
plans for a proxy contest.
The Tulsa, Okla., pipeline giant said four other directors who
served before this year will stand for re-election.
Keith Meister, managing partner of Corvex, in prepared
statements on Monday commended recently appointed board members
Steve Bergstrom, William Spence and Scott Sheffield for their role
in Williams's move to add more independent members.
Williams most recent board appointments are Stephen Chazen,
former chief executive and current board member of Occidental
Petroleum Corp., and Peter Ragauss, former finance chief of Baker
Hughes Inc. and current member of Apache Corp.'s board.
William Chairman Kathleen B. Cooper said Williams was making
progress on its strategy to continue as a stand-alone company after
a planned merger deal with Energy Transfer Equity LP fell through
in June and after Enterprise Products Partners LP recently said it
was no longer pursuing a potential combination with Williams.
In the wake of Williams's deal with Energy Transfer collapsing,
six board members, including Mr. Meister, resigned after failing to
unseat Alan Armstrong, chief executive of Williams. Mr. Meister
began his effort to remove Williams's entire board roughly two
months later.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
September 26, 2016 09:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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