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.