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Williams Cos.

WPX Adds Investor Nominee to Board, CEO Departs

Natural gas producer WPX Energy said it would add a nominee of hedge fund shareholder Taconic Capital Advisors LP to its board, a day after the company announced the sudden departure of its CEO.Taconic Capital is the second-largest shareholder in WPX, which has suffered from a steep slide in natural gas prices over the last eight years and has reported seven quarterly losses in a row.WPX, spun off from pipeline operator Williams Cos Inc in 2011, said the new board member would assist in the search for a new company head.WPX said on Tuesday that CEO Ralph Hill would step down, without giving any reason for his departure."(We) see the change as a positive but think redirecting the company's assets and capital will take time, years not months," analysts at investment bank Tudor, Pickering, Holt & Co wrote in a note.Taconic, an $8.2 billion hedge fund co-founded by former Goldman Sach executive Kenneth Brody, is the second-largest shareholder in WPX with a 6.9 percent stake, WPX said.Descr...

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  10. Williams Partners, Williams Reach Olefins Operation Deal; Both Report Lower Earnings

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  6. Williams Cos . Leads S&P 500 Losers After Explosion

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  7. Williams Cos 1st-Quarter Net Falls 62% on Weaker NGL Margins

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