Williams Chairman Frank T. MacInnis Steps Down for Personal Reasons; Announces Additional Board Resignations
July 01 2016 - 9:59AM
Business Wire
Board Determines that Alan Armstrong is the
Right Leader for Williams Going Forward
The Williams Companies, Inc. (NYSE:WMB) (“Williams”) today
announced that Frank T. MacInnis is stepping down as Chairman of
the Board of Directors due to personal reasons, effective
immediately. Dr. Kathleen Cooper, a current director and Audit
Committee member has been appointed Chairman of the Board of
Directors.
“Frank’s contributions to Williams over the years have been
instrumental to our growth and he has personally been a trusted
counselor to me,” said Alan Armstrong, President and Chief
Executive Officer. “Frank has indicated that, due to personal
reasons, he does not believe that he can dedicate the time and
attention he believes necessary to fulfill the role of Chairman as
Williams pursues a standalone strategy. On behalf of the entire
Williams team, we send him our deepest gratitude for his many years
of service.”
Williams Leadership and Strategic Direction
Recognizing that it is in the best interests of the stockholders
and the Company to concentrate on the future, the Board of
Directors has thoroughly evaluated the Company’s leadership
structure and determined that Alan Armstrong is the right Chief
Executive Officer for Williams as the Company works to continue
enhancing stockholder value.
The Company also today announced that Ralph Izzo, Frank T.
MacInnis, Eric W. Mandelblatt, Keith A. Meister, Steven W. Nance
and Laura A. Sugg disagreed with this strategic direction of the
Williams Board of Directors. Ralph Izzo, Eric W. Mandelblatt, Keith
A. Meister, Steven W. Nance and Laura A. Sugg decided, in the best
interests of stockholders, to resign from the Williams Board of
Directors, effective immediately. Williams will evaluate the
appropriate size and composition of the Board going forward in
accordance with its standard Nominating and Governance
procedures.
The Board of Directors of Williams issued the following
statement:
Since Alan was appointed CEO in 2011,
Williams has become a best-in-class operator that is extremely
well-positioned to meet the rapidly growing demand for natural gas
and experience significant fee-based growth. Williams’ focus on
fee-based revenue has produced strong cash flow, and looking
forward, Williams expects continued growth from its portfolio of
large scale demand driven projects and a fully contracted natural
gas transmission business coming on in the balance of 2016, 2017
and 2018.
Williams has seen the success of its strategy
reflected quarter after quarter. With significant growth projects
underway, the Company expects to continue its positive trajectory
as natural gas continues to grow market share both at home and
abroad.
The Board will continue to take appropriate
actions to position the Company for the future and enhance value
for Williams stockholders.
Additional details on the Company’s strategic plan will be
disclosed in the coming weeks.
Williams (WMB) is a premier provider of large-scale
infrastructure connecting North American natural gas and natural
gas products to growing demand for cleaner fuel and feedstocks.
Headquartered in Tulsa, Okla., Williams owns approximately 60
percent of Williams Partners L.P. (WPZ) (“WPZ”), including all of
the 2 percent general-partner interest. WPZ is an industry-leading,
large-cap master limited partnership with operations across the
natural gas value chain from gathering, processing and interstate
transportation of natural gas and natural gas liquids to petchem
production of ethylene, propylene and other olefins. With major
positions in top U.S. supply basins and also in Canada, WPZ owns
and operates more than 33,000 miles of pipelines system wide –
including the nation’s largest volume and fastest growing pipeline
– providing natural gas for clean-power generation, heating and
industrial use. WPZ’s operations touch approximately 30 percent of
U.S. natural gas.
Portions of this document may constitute “forward-looking
statements” as defined by federal law. Although the company
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Any such statements are made in reliance on the “safe
harbor” protections provided under the Private Securities Reform
Act of 1995. Additional information about issues that could lead to
material changes in performance is contained in the company’s
annual reports filed with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20160701005603/en/
The Williams Companies, Inc.Investor Relations:John Porter,
918-573-0797Brett Krieg, 918-573-4614orMedia Relations:Lance
Latham, 918-573-9675orJoele Frank, Wilkinson Brimmer KatcherDan
Katcher / Andrew Siegel / Dan Moore, 212-355-4449
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