Summary
This 8-K filing from ONEOK Inc. reports a change in its Board of Directors, specifically the resignation of Kevin S. McCarthy, effective May 2, 2017. Mr. McCarthy's departure is attributed to his increased responsibilities at Kayne Anderson Acquisition Corp. following its recent IPO. Importantly, the filing clarifies that his resignation was not due to any disagreements with ONEOK regarding its operations, policies, or practices, which is a positive signal for investors.
Key Highlights
- 1Kevin S. McCarthy resigned as a director of ONEOK, Inc. effective May 2, 2017.
- 2The resignation is due to Mr. McCarthy's increased responsibilities at Kayne Anderson Acquisition Corp.
- 3Mr. McCarthy's departure is not a result of any disagreement with ONEOK.
- 4The size of the Board of Directors has been reduced from 11 to 10 members.
- 5Mr. McCarthy will no longer be standing for re-election at the 2017 Annual Meeting of Shareholders.
- 6Proxy materials for the 2017 Annual Meeting have been amended to reflect his withdrawal as a nominee.
- 7The company's slate of director nominees otherwise remains unchanged.
Frequently Asked Questions
Kevin S. McCarthy resigned due to his increased responsibilities as Chairman of Kayne Anderson Acquisition Corp., which recently completed its IPO.
No, the filing explicitly states that Mr. McCarthy's resignation was not the result of any disagreement with ONEOK on any matters relating to its operations, policies, or practices.
With Mr. McCarthy's resignation, the size of the Board of Directors has been reduced from 11 members to 10 members.
No, Mr. McCarthy had been a nominee but is no longer standing for re-election to the Board at the 2017 Annual Meeting of Shareholders following his departure.