Summary
This 8-K filing by The Williams Companies, Inc. (WMB) announces a key leadership transition within its finance department. Ted T. Timmermans, the current Vice President, Controller, and Chief Accounting Officer, has informed the company of his intention to retire effective January 15, 2020. This transition marks the end of a significant tenure for Mr. Timmermans. In anticipation of Mr. Timmermans' retirement, the company has appointed John D. Porter to assume the role of Vice President, Controller, and Chief Accounting Officer, effective January 1, 2020. Mr. Porter has a substantial history with the company, having held various finance and accounting roles since 1998, with a recent focus on Enterprise Financial Planning & Analysis and Investor Relations since May 2017. His appointment to this critical financial oversight role signifies continuity and internal promotion.
Key Highlights
- 1Ted T. Timmermans, VP, Controller & Chief Accounting Officer, plans to retire effective January 15, 2020.
- 2John D. Porter appointed as the new VP, Controller & Chief Accounting Officer, effective January 1, 2020.
- 3Mr. Porter has extensive experience within The Williams Companies, Inc., holding various finance and accounting positions since 1998.
- 4Mr. Porter's prior role was VP—Enterprise Financial Planning & Analysis and Investor Relations.
- 5The new appointment ensures continuity in financial leadership.
- 6Mr. Porter's starting base salary will be $275,000, with a target incentive of 50% of base salary.
- 7Mr. Porter will participate in standard employee benefit programs, including executive severance and change in control agreements.