8-KLeadership ChangesRegulation FDExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Executive Changes (May 26, 2021)

Filed May 26, 2021For Securities:OKE

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.

Frequently Asked Questions

Pierce H. Norton II has been appointed as the new President and Chief Executive Officer of ONEOK, effective June 28, 2021.

Mr. Spencer intends to retire and resign from the Board effective September 30, 2021. He will transition to an advisor role until that date.

Mr. Norton is a seasoned executive with nearly 10 years of prior experience at ONEOK in various senior roles, including executive vice president of commercial and chief operating officer. Most recently, he served as President and CEO of ONE Gas, Inc. since its separation from ONEOK in 2014.

No, the filing explicitly states that Mr. Spencer's resignation from the board does not result from any disagreement with the board regarding the Company's operations, policies, or practices.