NEW YORK, Sept. 26, 2016 /PRNewswire/-- Corvex Management LP ("Corvex"), whose advised funds have been among the largest stockholders of The Williams Companies, Inc. ("Williams" or "The Company") over the last several years, today welcomed the proposed changes to the Williams Board of Directors announced by the Company.
Keith Meister, managing partner of Corvex, commented, "I commend the three new Directors – Steve Bergstrom, Bill Spence and Scott Sheffield – for taking a leadership role in discussions with Corvex which resulted in the announced plan to enhance the Board's composition. I believe the changes to the Board announced today, ensuring most importantly that seven of eleven members of the Board will be newly added, through the appointment today of two new directors and the addition of two additional world class directors by November 23rd, will put the Company in the best position to ensure a renewed focus on shareholder interests and the enhancement of shareholder value. Corvex looks forward to working with the newly-constituted Board to unlock the significant value inherent in the Company."
In light of the Williams plan announced today, Corvex noted that it has withdrawn its Rule 14a-8 stockholder proposal and will not solicit proxies in connection with the 2016 Annual Meeting of Williams stockholders, scheduled for November 23, 2016.
About Corvex Management, LP
Corvex Management, LP is an investment firm headquartered in New York, New York that engages in value‐based investing across the capital structure in situations with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach to investing with a specific focus on equity investments, special situations and distressed securities largely in North America.
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SOURCE Corvex Management LP