Williams adds Two Directors to Board

Pipeline operator Williams Cos Inc said on Monday it added two new directors to its board, prompting activist investor Corvex Management LP to withdraw plans to replace the company's entire board.

The company named Stephen Chazen, former chief executive of Occidental Petroleum Corp, and Peter Ragauss, former chief financial officer of Baker Hughes Inc, to its board.

Williams said it expects to name two new independent directors by the annual shareholders' meeting and that three directors - who served prior to 2016 - will not stand for re-election.

Corvex, which is run by Keith Meister, said it welcomed the proposed changes to Williams' board and withdrew its stockholder proposal.

The hedge fund, Williams' fourth-largest shareholder, will also not solicit proxies for the company's annual shareholders meeting, scheduled for Nov. 23.

Williams added three new directors to its board last month after Meister nominated a slate of 10 directors.

Meister, previously a Williams director, resigned in June, along with five others, after failing to oust Williams CEO Alan Armstrong.

The resignations came a day after Energy Transfer Equity walked away from its more than $20 billion deal to buy Williams.

Reporting by Arathy S Nair