Williams Cos Names John Chandler as New CFO -- Update

Pipeline company Williams Cos. on Monday named John Chandler as its new chief financial officer, replacing Don Chappel, who announced his retirement earlier this year.

Mr. Chandler is slated to start his new role Sept. 5. He will receive a base salary of $525,000 and an equity award valued at $500,000. He also will be eligible for other incentive-based awards and benefits.

Mr. Chandler, 47 years old, previously served as finance chief for pipeline operator Magellan Midstream Partners LP. He worked at Magellan entities from 2002 to 2014.

"John is a deeply experienced chief financial officer who is well-known in the energy markets and within Williams," said Alan Armstrong, Williams's president and chief executive.

Mr. Chandler also has been a board member at USA Compression Partners LP, Cone Midstream Partners LP, Green Plains Partners LP and Matrix Service Co.

Last year, nearly half of Williams's board members quit after a failed attempt at forcing out the company's CEO, Mr. Armstrong, following the collapse of a merger deal with Energy Transfer Equity LP. Earlier this year, the company added Micheal Dunn as chief operating officer.

In July, the company completed the sale of its stake of an olefins plant in Louisiana to Nova Chemicals Corp. for $2.1 billion as part of its plans to focus on natural gas. During a call with analysts earlier this month, Mr. Armstrong said the company now stands "at around 97% of our gross margins coming from predictable fee-based sources that are aligned with natural gas volumes."

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

August 28, 2017 16:41 ET (20:41 GMT)