Williams Adds 3 New Directors as it Seeks to Fend Off Board Takeover
Pipeline company Williams Cos Inc added three new directors to its board on Monday as it works to fend off an attempt by activist investor Keith Meister to replace all of the company's directors.
Williams said on Monday it appointed Pioneer Natural Resources Co (PXD) CEO Scott Sheffield, PPL Corp CEO William Spence and former American Midstream Partners CEO Stephen Bergstrom as directors, effective immediately, increasing the size of its board to 10 directors.
Meister, who runs hedge fund Corvex Management LP, nominated a slate of 10 directors last week, after assailing the quality of Williams' current directors. He was previously a Williams director, but resigned in June, along with five other directors, after failing to oust Williams CEO Alan Armstrong.
Corvex is Williams' fourth largest shareholder.
Williams had announced its plan to name new directors to its board before Meister said he would campaign to have the company's board replaced.
(Reporting by Michael Erman)
