8-KLeadership Changes

ONEOK INC /NEW/ 8-K Report, Executive Changes (Sep 13, 2023)

Filed September 13, 2023For Securities:OKE

Summary

ONEOK Inc. (OKE) announced significant executive officer changes contingent upon the closing of its previously announced merger with Magellan Midstream Partners, L.P. These organizational shifts are designed to integrate key leadership roles post-merger, reflecting a strategic alignment for the combined entity. The primary focus of this 8-K filing is to detail the appointments of Kevin L. Burdick, Sheridan C. Swords, and James R. Hoskin into new executive positions. These changes underscore ONEOK's proactive approach to leadership structuring ahead of the substantial Magellan acquisition, ensuring that crucial operational and service areas will be overseen by experienced individuals familiar with both organizations.

Key Highlights

  • 1Executive leadership changes are announced, contingent on the closing of the Magellan Midstream Partners, L.P. merger.
  • 2Kevin L. Burdick appointed Executive Vice President, Chief Enterprise Services Officer.
  • 3Sheridan C. Swords appointed Executive Vice President, Liquids and Gathering & Processing.
  • 4James R. Hoskin appointed Senior Vice President, Refined Products and Crude Operations.
  • 5Messrs. Burdick and Swords will report to ONEOK's President and CEO, Pierce H. Norton II.
  • 6Mr. Hoskin, a Magellan executive since 2007, will also report to Mr. Norton.
  • 7Appointed officers will participate in existing executive compensation and benefits plans.

Frequently Asked Questions

This 8-K filing announces executive officer changes at ONEOK Inc. that are contingent upon the successful closing of the merger with Magellan Midstream Partners, L.P. It details the new roles for key individuals who will lead critical business segments of the combined company.

Kevin L. Burdick has been appointed Executive Vice President, Chief Enterprise Services Officer. Sheridan C. Swords will serve as Executive Vice President, Liquids and Gathering & Processing. James R. Hoskin, currently with Magellan, will become Senior Vice President, Refined Products and Crude Operations.

Both Kevin L. Burdick and Sheridan C. Swords will report directly to ONEOK's President and CEO, Pierce H. Norton II. James R. Hoskin will also report directly to Mr. Norton.

Messrs. Burdick and Swords will continue to participate in ONEOK's executive compensation and benefits plans. Mr. Hoskin will become eligible to participate in these plans effective upon the closing of the merger.