Summary
The Williams Companies, Inc. (WMB) filed an 8-K on August 28, 2017, to announce a significant leadership change within its finance department. John D. Chandler has been appointed as the new Senior Vice President and Chief Financial Officer (CFO) for both Williams and WPZ GP LLC, the general partner of Williams Partners L.P., effective September 5, 2017. This appointment follows the expected retirement of Donald R. Chappel later in 2017 and signals a transition in financial leadership for the company. Mr. Chandler brings extensive experience in energy finance, having previously served as CFO for Magellan GP, LLC and Magellan Midstream Holdings, L.P., as well as holding various finance roles within Williams earlier in his career. His compensation package includes a base salary of $525,000, eligibility for annual incentive plan bonuses targeted at 80% of base salary, and long-term incentive awards valued at an annual equity target of $1,700,000, alongside an initial off-cycle equity award of $500,000. Investors should note that this filing also includes a press release detailing the announcement.
Key Highlights
- 1Appointment of John D. Chandler as Senior Vice President and Chief Financial Officer (CFO) for Williams and WPZ GP LLC, effective September 5, 2017.
- 2Chandler has over 20 years of experience in energy finance, including prior CFO roles at Magellan GP and Magellan Midstream Holdings.
- 3Chandler's compensation includes an annual base salary of $525,000.
- 4Targeted annual incentive bonus of 80% of base salary.
- 5Annual long-term incentive award target of $1,700,000 in equity.
- 6An initial off-cycle equity award of $500,000 in restricted stock units.
- 7The appointment facilitates the planned retirement of Donald R. Chappel later in 2017.