8-KLeadership ChangesRegulation FDExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Executive Changes (Jan 7, 2025)

Filed January 7, 2025For Securities:OKE

Summary

ONEOK Inc. (OKE) announced a significant leadership change with the appointment of Randy Lentz as Executive Vice President and Chief Operating Officer, effective January 6, 2025. Mr. Lentz brings extensive experience, having served as CEO of Medallion Midstream, LLC since 2010, a company acquired by ONEOK in October 2024. His deep operational and leadership background in the midstream sector, spanning over 35 years, is expected to be a valuable asset as ONEOK integrates its recent acquisitions and pursues strategic growth. In connection with his appointment, Mr. Lentz received a special award of restricted stock units valued at approximately $1.8 million, with a two-year vesting schedule. This aligns his compensation with the long-term performance of the company. The press release also confirms that there are no undisclosed related-party transactions or arrangements concerning Mr. Lentz's appointment, providing transparency for investors.

Key Highlights

  • 1Randy Lentz appointed as Executive Vice President and Chief Operating Officer, effective January 6, 2025.
  • 2Mr. Lentz has over 35 years of midstream industry experience and previously served as CEO of Medallion Midstream, LLC.
  • 3Medallion Midstream, LLC was acquired by ONEOK in October 2024, making Mr. Lentz's transition a natural progression.
  • 4Mr. Lentz will report directly to ONEOK's President and CEO, Pierce H. Norton II.
  • 5Received a one-time special award of restricted stock units valued at approximately $1.8 million, vesting over two years.
  • 6Appointment is effective immediately and was announced via press release on January 6, 2025.
  • 7No undisclosed arrangements or family relationships between Mr. Lentz and existing ONEOK directors or officers.

Frequently Asked Questions

Randy Lentz has been appointed as the new Executive Vice President and Chief Operating Officer of ONEOK, Inc., effective January 6, 2025.

Mr. Lentz has over 35 years of experience in the midstream business, holding various operational, commercial, and leadership roles. Most recently, he served as the Chief Executive Officer of Medallion Midstream, LLC since 2010.

Mr. Lentz will participate in ONEOK's executive compensation and benefits plans. Additionally, he received a one-time special award of restricted stock units valued at approximately $1.8 million, with one-third vesting after the first year and the remaining two-thirds vesting after the second year of the grant date.

The filing indicates there are no arrangements or understandings pursuant to which he was selected other than his appointment, no family relationships with any director or executive officer, and he does not have a direct or indirect interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K.