8-KLeadership Changes

WILLIAMS COMPANIES, INC. 8-K Report, Executive Changes (Jul 29, 2019)

Filed July 29, 2019For Securities:WMB

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.

Frequently Asked Questions

John D. Porter will assume the role of Vice President, Controller, and Chief Accounting Officer, effective January 1, 2020. He has a long-standing history with the company in various finance and accounting roles.

Ted T. Timmermans' retirement is effective January 15, 2020. John D. Porter's appointment as the new VP, Controller, and Chief Accounting Officer will be effective January 1, 2020, allowing for a smooth transition.

John D. Porter has been with Williams Companies in various financial and accounting roles since 1998. His most recent position was VP—Enterprise Financial Planning & Analysis and Investor Relations. His starting base salary as Controller will be $275,000, with a target incentive of 50% of his base salary, and he will be eligible for company benefit programs and equity awards.

No, the filing states there are no arrangements or understandings between Mr. Porter and any other person in connection with his appointment. He is not related to any officer or director, and there are no reportable transactions or relationships under Item 404(a) of Regulation S-K.