Summary
ONEOK, Inc. announced significant executive leadership changes and the appointment of a new board member, effective January 1, 2007. The current Chairman, CEO, and President, David Kyle, will transition to Chairman of both ONEOK, Inc. and ONEOK Partners GP, L.L.C., with plans to retire as an employee on January 1, 2008. John W. Gibson will assume the roles of CEO of ONEOK, Inc. and President and CEO of ONEOK Partners GP, while James C. Kneale will become President and COO of ONEOK, Inc. These changes indicate a planned succession and a shift in operational leadership. Additionally, John W. Gibson and David J. Tippeconnic have been appointed to the ONEOK, Inc. board of directors.
Key Highlights
- 1David Kyle to transition from CEO and President to Chairman, effective January 1, 2007, with employee retirement in January 2008.
- 2John W. Gibson appointed CEO of ONEOK, Inc. and President/CEO of ONEOK Partners GP, effective January 1, 2007.
- 3James C. Kneale appointed President and COO of ONEOK, Inc., effective January 1, 2007.
- 4John W. Gibson appointed to the ONEOK, Inc. board of directors.
- 5David J. Tippeconnic appointed to the ONEOK, Inc. board of directors, bringing extensive experience in energy and industrial sectors.
- 6Restricted stock units granted to John W. Gibson (150,000) and James C. Kneale (50,000) as part of the transition, vesting over several years.
- 7Termination Agreements are in place for key officers, providing severance benefits under specific change-in-control circumstances.
Frequently Asked Questions
David Kyle is transitioning from CEO and President to Chairman. John W. Gibson is taking over as CEO of ONEOK, Inc. and President/CEO of ONEOK Partners GP. James C. Kneale is appointed as President and COO of ONEOK, Inc. These changes are effective January 1, 2007.
John W. Gibson, who is also becoming CEO, and David J. Tippeconnic have been elected to the ONEOK, Inc. board of directors.
Yes, John W. Gibson received 150,000 restricted units and James C. Kneale received 50,000 restricted units. These units are expected to convert to company common stock upon vesting.
The Termination Agreements provide for severance payments and benefits if an officer's employment is terminated by the company without just cause or by the officer for good reason within three years of a change in control. This includes a lump sum payment, prorated short-term incentive compensation, and accelerated vesting of benefits.