Corvex Management activist investor and former Williams Companies board member, Keith Meister, has fired a second shot at the Tulsa-based pipeline company.
In yet another open letter to Williams’ three newly appointed independent directors, Meister urged them to form a strategic review committee in order to examine the merits of a possible strategic consolidation, according to Seeking Alpha.
Last week, OK Energy Today reported that Enterprise Products withdrew its merger proposals from consideration due to Williams’ lack of engagement. Citing this action, Meister characterized Williams’ legacy directors as “both unable and unwilling to have a point of view differing from the CEO and therefore opposed to change” regarding corporate governance and the board’s ability to engage and properly consider future growth opportunities.
Meister recommended the three new board members should meet with the company’s historic two financial advisors, stockholders and the six directors that resigned on June 30 following the unsuccessful attempt to oust Alan Armstrong, Williams’ CEO as a result of the failed merger attempt with Dallas-based Energy Transfer Partners. Lastly, Meister further suggested that the new directors speak individually with senior management.
