Williams to Appoint 3 New Board Members, Replace Raiders Who Quit

Williams logoThe big news in the midstream world over the past year was the attempted merger/takeover of Williams by Energy Transfer Equity. That deal finally fell apart in June (see Dead as a Doornail: ETE Terminates Merger with Williams). The only thing left still going on to do with that botched attempt is lawyers arguing about who owes what to whom (keeps the lawyers gainfully employed). After the deal failed, some Williams board members (namely two corporate raiders) attempted a palace coup. They tried to oust Williams CEO Alan Armstrong. When that effort failed, nearly half of the Williams board–who thought they would get rich quick by a sale to ETE–up and quit (see Half of Williams Board, Including 2 Corporate Raiders, Quit). Since last month Williams has been down 6 out of the original 14 board members. Time to fix that. Yesterday Williams announced it will name three new independent directors to the board in time for the annual meeting in November. No names were floated as potential candidates…

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