Williams board members resign

Williams board chairman Frank MacInnis and several other members resigned today, days after the midstream operator said it would sue Energy Transfer Equity (ETE) for breach of contract in connection with ETE's refusal to close the merger between the two companies.

Williams appointed director Kathleen Cooper as MacInnis' successor. Armstrong will remain chief executive.

Directors Ralph Izzo, Eric Mandelblatt, Keith Meister, Steven Nance and Laura Sugg resigned because they "disagreed with this strategic direction," Williams said.

The failed merger with ETE is the latest difficulty for Williams, as it and other midstream operators work to grow in a low commodity price environment. At the end of 1Q Williams began laying off 10pc of its North American workforce in an effort to reduce costs as rig counts fell. Williams shares closed at $21.63 on 30 June, down from $57.51 a year ago.