Summary
ONEOK Inc. (OKE) announced a significant leadership transition through an 8-K filing on May 26, 2021. CEO and President Terry K. Spencer intends to retire effective September 30, 2021. This marks the end of his tenure leading the energy infrastructure company. To ensure a smooth succession, the Board of Directors has appointed Pierce H. Norton II as the new President and Chief Executive Officer, effective June 28, 2021. Mr. Norton, who will also join the Board, brings extensive experience from his previous roles at ONEOK and as CEO of ONE Gas, Inc. Investors can view this as a planned transition with a well-qualified successor, aiming for continuity in strategic direction and operations.
Key Highlights
- 1CEO and President Terry K. Spencer to retire effective September 30, 2021.
- 2Pierce H. Norton II appointed as the new President and Chief Executive Officer, effective June 28, 2021.
- 3Pierce H. Norton II will also join the ONEOK Board of Directors.
- 4Mr. Spencer will serve as an advisor to the new CEO until his retirement date, ensuring a period of transition.
- 5Mr. Spencer's departure is not due to any disagreements with the Board.
- 6Mr. Norton has prior extensive experience with ONEOK, including executive roles in commercial and operations, and most recently served as CEO of ONE Gas, Inc.