Williams to Fill Three of Its Emptied Board Seats
August 15 2016 - 5:58PM
Dow Jones News
By Ezequiel Minaya
Williams Cos., nearly half of whose board quit in June following
a failed attempt to unseat Chief Executive Alan Armstrong, said
Monday that it was launching a search for three new independent
directors.
The additions, which are expected to be in place before the
company's annual meeting Nov. 23, will expand the board to 10
directors, the company said, after six of the company's 13
directors quit in June. Shareholders will vote on the
directors.
"Williams is looking forward to broadening the expertise and
perspective of the board with the addition of three new,
independent directors in the near term," said Chairwoman Kathleen
B. Cooper.
The June schism happened after Williams' merger deal with rival
pipeline operator Energy Transfer Equity LP collapsed. Once the
deal was scuttled, people familliar with the matter said at the
time, a contingent of board members attempted to force Mr.
Armstrong out. When that move failed, the group of directors
quit.
Former Chairman Frank MacInnis was among those who resigned, as
were a pair of activist hedge-fund investors, Keith Meister of
Corvex Management LP and Eric Mandelblatt of Soroban Capital
Partners. All three had championed the merger with Energy Transfer,
which Mr. Armstrong had opposed and continued to oppose even after
it was agreed to.
Officials at Corvex and Soroban, in a recent regulatory filing,
said they believe Williams continues to underperform, while Corvex
remains convinced that the current board lacks members with
"substantial experience" at public companies and are
"entrenched."
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
August 15, 2016 17:43 ET (21:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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