Williams Cos. (WMB) Says Three Directors Won't Stand for Reelection

October 6, 2016 4:32 PM EDT

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Williams (NYSE: WMB) announced that three current members of its Board of Directors will voluntarily not stand for re-election upon the expiration of their current terms at the 2016 Annual Meeting to be held on Nov. 23.

The three Board members are:

  • Joseph Cleveland, a director since 2008 and former chief information officer at Lockheed Martin Corporation. Cleveland previously held executive positions at Martin Marietta and G.E.
  • John Hagg, a director since 2012 and a former senior executive in the exploration, production, service and financial sectors of the petroleum industry in Canada and the United States.
  • Juanita Hinshaw, a director since 2004 who is president of a consulting firm and previously held executive positions at Graybar Electric Company and the Monsanto Company.

As previously announced, five new directors (i.e., directors who were not serving on the Board as of July 1, 2016), Stephen Bergstrom, Stephen Chazen, Peter Ragauss, Scott Sheffield and William Spence, in addition to four Williams directors who served prior to 2016, will stand for election as nominees of the Williams Board at the 2016 Annual Meeting on Nov. 23.

Additionally, the Board of Directors also announced in September its goal to identify two more independent candidates to join the Board prior to the 2016 Annual Meeting. If the nominees are elected, the Williams Board will comprise 11 directors, 10 of whom are independent.

β€œOn behalf of the Board of Directors and the entire Williams organization, I want to thank Joe, John and Juanita for their stellar service to the company and to our stockholders over the years; each of them has contributed their expertise and sound judgment as they helped guide the company through times of both opportunity and challenge,” said Dr. Kathleen Cooper, chairman of the Board of Directors. β€œI want to express my deep appreciation for their willingness to support our board refreshment efforts, which will allow Williams to continue its tradition of strong, independent leadership as we focus on creating stockholder value.”

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