8-KLeadership ChangesOther EventsExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Executive Changes (Feb 18, 2011)

Filed February 18, 2011For Securities:OKE

Summary

This 8-K filing from ONEOK Inc. (OKE) on February 18, 2011, primarily details significant leadership transitions within the company and its master limited partnership, ONEOK Partners, L.P. The most notable change is the planned succession of John W. Gibson, currently President and CEO, to Vice Chairman and eventually Chairman of the Board, following the retirement of David L. Kyle. This signals a planned leadership evolution for the company. Furthermore, the filing announces a series of management realignments effective March 1, 2011. These changes involve key executive roles, including the appointment of a new Chief Operating Officer, a new Chief Financial Officer and Treasurer, and several new Presidents for specific business segments. Investors should view these changes as an effort to align leadership with strategic operational responsibilities and to prepare for future growth. The filing also confirms the date and location of the 2011 Annual Meeting of Shareholders.

Key Highlights

  • 1John W. Gibson, current President and CEO, is transitioning to Vice Chairman and will become Chairman of the Board upon David L. Kyle's retirement.
  • 2David L. Kyle, current Chairman, will retire as Chairman and a director following the annual shareholder meeting on May 25, 2011.
  • 3Pierce H. Norton appointed as Chief Operating Officer, overseeing distribution, energy services, and related support functions.
  • 4Robert F. Martinovich named Senior Vice President, Chief Financial Officer, and Treasurer for both ONEOK, Inc. and ONEOK Partners GP.
  • 5Curtis L. Dinan appointed President of ONEOK Partners' natural gas segment.
  • 6ONEOK, Inc. will hold its 2011 Annual Meeting of Shareholders on May 25, 2011.
  • 7The filing incorporates by reference compensation information from the 2010 Proxy Statement and includes news releases detailing the executive and board changes.

Frequently Asked Questions

The most significant leadership changes include John W. Gibson's planned transition from President and CEO to Vice Chairman and future Chairman. Additionally, Pierce H. Norton will become Chief Operating Officer, Robert F. Martinovich will be the new CFO and Treasurer, and Curtis L. Dinan will lead the natural gas segment of ONEOK Partners. Several other management roles are also being filled or realigned.

The management changes are effective March 1, 2011. The transition of John W. Gibson to Vice Chairman is effective immediately (February 17, 2011), and his assumption of the Chairman role is contingent upon David L. Kyle's retirement, which is scheduled for the annual shareholder meeting on May 25, 2011.

David L. Kyle, the current Chairman, is retiring from his role as Chairman and as a director of the company. His retirement, scheduled after the annual shareholder meeting on May 25, 2011, paves the way for John W. Gibson to assume the role of Chairman.

The 2011 Annual Meeting of Shareholders will be held on May 25, 2011, at 9 a.m. Central Daylight Time, at ONEOK's headquarters in Tulsa, Oklahoma. The meeting will also be available via audio webcast on www.oneok.com.