Deals
Williams Averts Proxy Battle With New Board Appointments
- Operator appoints former Occidental, Baker Hughes executives
- Williams now in ‘best position’ for shareholders, Corvex says
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Williams Cos. headed off a proxy fight with activist shareholder Corvex Management LP after the pipeline owner announced renewed plans to overhaul its board.
The company appointed Stephen Chazen, former chief executive officer of Occidental Petroleum Corp., and Peter Ragauss, an ex-chief financial officer of Baker Hughes Inc., to its board, according to a statement Monday. It may name two more independent directors before the company’s November annual meeting while three directors who’ve served for several years won’t run again, Williams said.