• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026

Almost Half of Williams Directors Quit a Day After Energy Transfer Merger Fails

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 1, 2016, 6:46 AM ET
Photograph courtesy of Energy Transfer Equity
Add Fortune on Google for similar content.

Six of Williams Cos’s directors, including the pipeline company’s chairman, resigned on Thursday after a failed attempt to oust Chief Executive Alan Armstrong, three sources familiar with the matter told Reuters.

The resignations from the company’s 13-member board come a day after Energy Transfer Equity (ETE) walked away from its more than $20 billion deal to buy Williams (WMB) after months of lawsuits and heated arguments between the rival pipeline companies.

Chairman Frank MacInnis, Keith Meister and Eric Mandelblatt were among the directors to step down, according to the sources. Meister and Mandelblatt run two of the company’s largest investors, hedge funds Corvex Management and Soroban Capital Partners, respectively.

Ralph Izzo, Steven Nance and Laura Sugg also stepped down from the board, two of the sources said.

The six directors resigned after failing to get majority support to fire Armstrong. Armstrong, himself a director, had the support of the other six board members, one source said.

Williams was not available for comment.

All the directors who resigned had voted in favor of the Energy Transfer takeover last September, in an 8-5 vote. Armstrong, who is the only insider on the Williams board, was among the dissidents.

The merger of Williams and ETE, which had won regulatory approval with conditions, would have created one of the country’s largest pipeline companies.

A Delaware judge ruled last week that ETE could terminate the deal after Tuesday over tax issues that were raised by the company’s lawyers.

The deal has been in doubt for months, with Williams suing Energy Transfer, accusing the company of breaching their deal in trying to back out.

Williams on Wednesday said it would seek damages against Energy Transfer, believing the company had no right to end the deal. It previously said that damages could be as much as $10 billion.

 

Split Board

Williams board meetings have been contentious in the past.

Corvex’s Meister—a protege of Carl Icahn—and Soroban’s Mandelblatt became directors in 2014 after launching an activist campaign against Williams’ management in late 2013.

The company’s former chairman, MacInnis, testified last week to the Delaware court that the hedge fund managers were temperamental and had “occasional outbursts” in board meetings.

MacInnis said that he had to ask Mandelblatt, a former Goldman Sachs trader, to “temper his enthusiasm, if you will, in order to avoid giving the impression of bullying.”

Corvex and Soroban could not immediately be reached for comment.

The investors were instrumental in getting board support for the deal. Board member Kathleen Cooper, who voted against the deal, testified that she felt threatened that Meister and Mandelblatt would campaign to have her removed from the board if the deal was not approved.

MacInnis, however, said there was never a threat – he said the board merely discussed the possible fall-out from a vote against the deal.

ETE Chief Executive Kelcy Warren, a Dallas billionaire, set his sights on Williams last year to transform his company into one of the world’s biggest pipeline networks. He made an unsolicited bid last June and reached a deal in late September that was then worth $33 billion.

But oil and gas prices dropped significantly after the merger was announced. The companies’ shares fell sharply, and investors started to worry that the $6 billion cash portion of the deal would saddle ETE with too much debt.

ETE made it clear that it no longer believed the deal was attractive. It slashed estimates for expected cost savings and said it would probably have to cut distributions to shareholders entirely next year if it had to complete the acquisition. It also said it would have to cut jobs in Williams’ home state of Oklahoma.

Williams’ shares were down 1.5% at $21.30 in after-market trading.

The board resignations were originally reported by The Wall Street Journal.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
PoliticsIran
U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
By Jon Gambrell, Konstantin Toropin, Will Weissert and The Associated PressJuly 13, 2026
7 hours ago
Lindsey Graham and Mitch McConnell face each other.
North Americagovernment spending
McConnell’s absence could jeopardize Republicans’ defense spending agenda as the Iran war escalates
By Sasha RogelbergJuly 13, 2026
7 hours ago
Best Recumbent Bikes (2026): Athlete Approved
HealthDietary Supplements
Best Recumbent Bikes (2026): Athlete Approved
By Christina SnyderJuly 13, 2026
9 hours ago
SoFi® vs. College Ave student loans
Personal Financestudent loans and debt
SoFi® vs. College Ave student loans
By Joseph HostetlerJuly 13, 2026
9 hours ago
Jony Ive (left), formerly with Apple and now with OpenAI, standing next to Laurene Powell Jobs, the widow of Apple founder Steve Jobs, at an event in 2022.
AIOpenAI
Stolen laptops, data breaches, secret moles, and recruiting-as-espionage. Here are the wildest claims in Apple’s lawsuit against OpenAI
By Emily ForliniJuly 13, 2026
10 hours ago
SoFi® private student loans review 2026
Personal FinanceLoans
SoFi® private student loans review 2026
By Joseph HostetlerJuly 13, 2026
10 hours ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
2 days ago
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
20 hours ago
Current price of silver as of Monday, July 13, 2026
Personal Finance
Current price of silver as of Monday, July 13, 2026
By Joseph HostetlerJuly 13, 2026
20 hours ago
Trump embraces Australian retirement system backed by Larry Fink
Personal Finance
Trump embraces Australian retirement system backed by Larry Fink
By Brianna Sosa and BloombergJuly 12, 2026
1 day ago
How Pete Hegseth's DEI order just put Scouting America's future at stake
North America
How Pete Hegseth's DEI order just put Scouting America's future at stake
By Seth T. Kannarr, Derek H. Alderman and The ConversationJuly 13, 2026
11 hours ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
8 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.