Three Williams Cos. Directors Leaving Board
October 06 2016 - 7:50PM
Dow Jones News
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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