Williams confirms chairman, 5 directors stepping down

Alan Armstrong, CEO of the Williams Companies, speaks at the North American Prospect Expo, a gathering of oil property buyers and sellers, on Feb. 11, 2015 at the George R. Brown Convention Center in Houston.
Alan Armstrong, CEO of the Williams Companies, speaks at the North American Prospect Expo, a gathering of oil property buyers and sellers, on Feb. 11, 2015 at the George R. Brown Convention Center in Houston.

Williams Cos. said Chairman Frank T. MacInnis and five other directors are stepping down from the board of the pipeline giant, whose proposed $33 billion takeover by Energy Transfer Equity LP collapsed this week.

Williams said its board had “thoroughly evaluated” its leadership structure and determined that Alan Armstrong is the right chief executive officer, according to the statement on Friday. The resignations are effective immediately.

The announcement came a week after Williams lost a court case that allowed Energy Transfer to terminate its deal to buy the pipeline company. Williams has said in statements that it’ll fight the termination and filed a notice to appeal the judge’s ruling.

Williams said that MacInnis and the others disagreed with the “strategic direction” of the board.

As well as MacInnis, activist investors Keith Meister and Eric Mandelblatt were among those who resigned. The others were Ralph Izzo, chief executive officer of New Jersey’s Public Service Enterprise Group Inc., Steven Nance, as well as Laura Sugg.

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