By August 15, 2016 Read More →

Williams Cos to expand board with three new independent directors

Williams Cos

With the new directors, the Williams Cos board has been expanded to 10 members.

Six Williams Cos directors quit in June

Aug 15 (Reuters) – U.S. oil and gas pipeline company Williams Cos Inc said on Monday it intends to add three new independent directors to its board, nearly two months after six of its directors quit.

The six directors, including the company’s chairman, resigned from the 13-member board in June, after a failed attempt to oust Chief Executive Alan Armstrong.

The resignations came a day after Energy Transfer Equity walked away from its more than $20 billion deal to buy Williams after months of heated disagreement.

Williams Cos’ fourth-biggest shareholder, Corvex Management LP, earlier in August urged the company to revamp its board with a majority of new directors within one year’s time.

The new appointments, which would be effective prior to the 2016 annual meeting in November, would expand the board’s size to 10, Williams Cos said on Monday.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)

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