Summary
ONEOK Inc. announced on December 29, 2015, a significant expansion of its Board of Directors, increasing the number of members from nine to twelve. This strategic move brings three new directors: Brian L. Derksen, Randall J. Larson, and Kevin S. McCarthy. The company stated that all existing directors will continue their service. These new appointments are designed to bring diverse and valuable experience to the board, particularly in areas of finance, accounting, and energy investment banking. Brian L. Derksen brings extensive experience from Deloitte, where he held senior leadership roles including Global Deputy Chief Executive Officer. Randall J. Larson has a strong background in financial leadership within the midstream sector, having served as CEO and CFO of TransMontaigne Partners L.P., and previously as a partner at KPMG and a fellow at the SEC. Kevin S. McCarthy offers deep expertise in energy investment banking and private equity, with a history at UBS and as a co-founder of Kayne Anderson Fund Advisors. The company has also outlined the compensation structure for these new directors, including annual retainers and stock awards.
Key Highlights
- 1ONEOK Inc. expanded its Board of Directors from nine to twelve members.
- 2Three new directors were appointed: Brian L. Derksen, Randall J. Larson, and Kevin S. McCarthy.
- 3Brian L. Derksen has extensive experience in financial advisory and leadership roles at Deloitte.
- 4Randall J. Larson brings significant financial, accounting, and SEC experience, including CEO roles in the midstream sector.
- 5Kevin S. McCarthy is a co-founder of Kayne Anderson Fund Advisors and has a strong background in energy investment banking.
- 6The new directors will serve on various board committees, including Audit, Corporate Governance, and Executive Compensation.
- 7Compensation for the new directors includes an annual retainer and a stock retainer valued at $135,000.