Summary
ONEOK Inc. (OKE) announced the retirement of Samuel Combs III, president of ONEOK Distribution Companies, effective June 17, 2009. Pierce H. Norton II, currently executive vice president, will assume Mr. Combs's responsibilities. This transition appears to be a planned retirement with standard benefit payouts and outplacement assistance for Mr. Combs. The company has entered into an agreement detailing the terms of his retirement, including severance and retirement plan benefits.
Key Highlights
- 1Samuel Combs III, president of ONEOK Distribution Companies, has retired.
- 2Pierce H. Norton II, executive vice president, will take over Mr. Combs's duties.
- 3Mr. Combs's retirement is effective June 17, 2009.
- 4A retirement agreement has been executed between Mr. Combs and ONEOK.
- 5Mr. Combs will receive normal retirement benefits and awards under existing executive compensation plans.
- 6Additional retirement benefits for Mr. Combs include a $925,000 lump sum payment and outplacement expense reimbursement up to $20,000.
- 7Mr. Combs's retirement agreement includes a release of claims against the company.
Frequently Asked Questions
The primary event is the retirement of Samuel Combs III, president of ONEOK Distribution Companies, and the assumption of his duties by Pierce H. Norton II, executive vice president.
The financial impact is primarily related to the retirement benefits and a lump sum payment of $925,000 to Mr. Combs, as detailed in his retirement agreement. The company will also cover up to $20,000 for outplacement services.
The filing indicates Mr. Combs has entered into an agreement for his retirement and will receive normal retirement benefits, suggesting it is a voluntary and planned retirement, not a departure for cause.
Pierce H. Norton II, who is currently the executive vice president at ONEOK, will assume Mr. Combs's duties and responsibilities.