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Williams Co. announces new chairman, reiterates support for CEO following attempted oust, says CNBC

Posted at 5:18 PM, Jun 30, 2016
and last updated 2016-07-01 11:49:52-04

Around half of the 13 directors of Williams Company resigned Thursday after reportedly attempting to oust the CEO.

CNBC reports that overall six quit, including Chairman MacInnis and activist Keith Meister.

 

This decision came less than a week from the announcement of the terminated ETE merger. City leaders celebrated the canceled merger.

Not long after MacInnis stepped down, the board of directors issued a statement saying "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." 

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