Williams Appoints Three New Independent Directors
The Williams Companies, Inc. has appointed three new independent directors to the company’s Board of Directors, effectively immediately: Stephen W. Bergstrom, Scott D. Sheffield and William H. Spence. The three new directors will stand for election at the Company’s 2016 Annual Meeting of Stockholders, which will be held on Wednesday, November 23, 2016.
Bergstrom, Sheffield and Spence were identified through the Board’s previously announced search process, which it conducted with the assistance of nationally recognized search firm Spencer Stuart. With these appointments, the Williams Board comprises ten directors, nine of whom are independent.
Bergstrom is a skilled and extremely knowledgeable industry leader, having led growth initiatives and successfully managed through industry downturns over his long and distinguished career. He has strong operational skills and a keen strategic understanding of the energy industry. During his tenure as president and chief executive officer of American Midstream Partners, Bergstrom established a strong platform and led the company through a period of substantial growth while increasing geographic and operational diversity and enhancing fee-based cash flow.
Sheffield is chairman and chief executive officer of Pioneer Natural Resources, a premier independent oil shale resource company in the United States. He is recognized for making well-timed strategic decisions, his focus on financial discipline and building Pioneer’s strong corporate culture. Under his leadership, Pioneer has grown from a $32 million company in 1985 to a more than $30 billion company today. Notably, Pioneer has been the top performing E&P stock in the S&P 500 since 2009. Additionally, Sheffield led an industry-wide effort to bring an end last year to the four-decade domestic oil export ban. Sheffield will retire as chairman and chief executive officer on December 31, 2016, and become executive chairman of Pioneer’s board.
Spence has led PPL Corporation through a period of significant growth and capital expansion. PPL Corporation is one of the largest companies in the U.S. utility sector; the PPL family of companies delivers electricity and natural gas to approximately 10 million customers in the United States and the United Kingdom. PPL’s U.S. utilities ranked No. 1 in residential customer satisfaction in their regional markets in 2016. Meanwhile, PPL’s U.K. utilities have consistently ranked as the number one performers for customer service among their peers. As chief executive officer, Spence has developed expertise in corporate finance, mergers and acquisitions, stockholder relations, industry and regulatory matters and corporate strategy. He is especially well respected for his ability to develop comprehensive strategies and lead the successful implementation of those strategies.
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