A switch of leadership was revealed this week as ONE Gas President and CEO Pierce H. Norton II announced his retirement from the company and intentions to become the leader of ONEOK Inc. where President and CEO Terry K. Spencer announced his retirement after 20 years with the company.
Spencer will remain in his current role until Norton rejoins ONEOK, at which time he will become an advisor to Norton, allowing for a smooth leadership transition. Spencer will continue as a member of the ONEOK board of directors until his retirement.
“I have known Pierce for the better part of four decades and worked closely with him during his prior 10 years here at ONEOK. His extensive operational and commercial expertise in the midstream business and sound business judgment will be a great asset to the company, and his proven CEO experience have prepared him for this role,” said Spencer in making the announcement.
Spencer has served as president, chief executive officer and director of ONEOK since January 30, 2014, when ONEOK separated its natural gas distribution business into the stand-alone publicly traded entity, ONE Gas, Inc. Spencer previously served as president and CEO of both ONEOK and ONEOK Partners until June 30, 2017 when ONEOK finalized the merger with ONEOK Partners.
The companies’ announcement was the result of an ongoing succession planning process, which was led by the company’s lead independent director, Julie Edwards.
“Pierce’s CEO experience, his familiarity with the people and culture of ONEOK, and his understanding of the natural gas and natural gas liquids business were highly valued by the Board,” said Edwards. ONEOK Directors who also serve on the ONE Gas Board of Directors recused themselves from the selection of Norton.
Norton previously worked for ONEOK for almost 10 years having joined the company in 2004. Prior to the separation of ONE Gas in January 2014, Norton served as executive vice president, commercial, of ONEOK and ONEOK Partners.
His other roles at ONEOK included, executive vice president and chief operating officer of ONEOK and ONEOK Partners, responsible for the company’s natural gas gathering and processing, natural gas pipelines, natural gas liquids, natural gas distribution and energy services business segments. Norton also held the position as president of ONEOK Distribution Companies – Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service.