Saturday, 25 June 2016
Last updated 21 hours ago
Feb 27 2014 | 11:36am ET
A pair of hedge funds has notched a quick victory over the Williams Cos.
Corvex Management and Soroban Capital Partners in December demanded that Williams add both firms’ founders to its board immediately. Last week, Williams acceded, announcing that Soroban’s Eric Mandelblatt would become a director shortly. Corvex founder Keith Meister or a “mutally agreeable” alternative will join the board in November.
Williams CEO Alan Armstrong thanked the hedge funds for “the confidence [they] have demonstrated in Williams via their substantial investments.” Corvex and Soroban own a combined 9% of Williams.