Six Williams Directors Resign After Board Fails to Oust CEO
- Pipeline giant backs CEO Armstrong after failed tie-up
- Resigning board member says the company underperformed
Shakeup at Williams: Six Directors Resign
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Six of Williams Cos.’s 13 directors, including independent chairman Frank T. MacInnis, resigned after a failed attempt to remove Chief Executive Officer Alan Armstrong.
The board of the pipeline giant has “thoroughly evaluated” its leadership structure and determined that Armstrong is the right chief executive officer, according to a statement on Friday. The shakeup comes after a proposed $33 billion takeover by Energy Transfer Equity LP collapsed this week. Activist investors Keith Meister and Eric Mandelblatt, and Ralph Izzo, chief executive officer of New Jersey’s Public Service Enterprise Group Inc., were among board members who resigned.