Williams Adds Three New Directors Ahead of Proxy Battle
August 29 2016 - 9:51AM
Dow Jones News
By Joshua Jamerson
Williams Cos. made good on its plan to appoint three new
independent directors to its board as activist investor Keith
Meister has said he plans to remove the entire board this fall.
The company added Stephen Bergstrom, Scott Sheffield and William
Spence, effective immediately.
The embattled natural-gas pipeline operator said earlier this
month that it would add three new independent directors after
nearly half its board, Mr. Meister and five others, had quit in
June. The additions bring the board to 10 members -- nine of whom
are independent -- down from 13 this summer. All 10 board members
will stand for election by shareholders at the annual meeting Nov.
23.
In the coming weeks, Mr. Meister's Corvex Management LP will
seek nominees and plans to identify a new board before shareholders
vote. Last week, before Williams named the three new directors, Mr.
Meister said he would be willing to consider them, depending on
their qualifications.
A representative for Corvex couldn't immediately be reached for
comment Monday.
Mr. Bergstrom is a director on the board of energy firm American
Midstream Partners, and Mr. Spence is chairman and chief executive
of PPL Corp. Mr. Sheffield has been chief executive of Pioneer
Natural Resources Co. since 1997 and became chairman in 1999.
The abrupt board shake-up this summer followed a failed attempt
to unseat Chief Executive Alan Armstrong following the failed
merger with rival Energy Transfer Equity LP.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 29, 2016 09:36 ET (13:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Apr 2023 to Apr 2024
