- Push-out Score determined
- After around seven years in the position
- Praise and thanks for Spencer
- Pierce Norton taking over
- Spencer said 77 words
(exechange) — Tulsa, Oklahoma, May 25, 2021 — Terry Spencer, chief executive of Oneok, leaves his position. As announced by Oneok Inc. in a news release on Tuesday, May 25, 2021, Terry K. Spencer leaves his post as chief executive officer at the midstream service provider after around seven years in the role, effective June 28, 2021.
Spencer leaves the company effective September 30, 2021.
Terry Spencer’s duties as CEO will be taken over by Pierce H. Norton, currently president and chief executive officer at One Gas, Inc.
The fact that Terry Spencer’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The result of an ongoing succession planning process”
Terry Spencer’s departure from the CEO post is explained as follows. Oneok said: “Today’s announcement was the result of an ongoing succession planning process, which was led by the company’s lead independent director, Julie Edwards.”
Precise information regarding Terry Spencer’s future plans was not immediately available.
Oneok said: “[P]resident and chief executive officer, Terry K. Spencer, announced today that he will retire on September 30, 2021, after 20 years with the company, including more than seven years as president and CEO.”
Share price decline since May 2018
The announcement follows a decline in Oneok Inc.’s share price of 10% since May 2018.
Chaired by John W. Gibson
John W. Gibson serves as Oneok Inc.’s Chairman.
Gibson serves as Nonexecutive Chairman of the Board of Oneok, Inc.
Gibson served as Oneok’s Chief Executive Officer from January 2007, to January 2014.
He was appointed Chairman of the Board of Oneok, Inc. in May 2011, and served as the President from 2010 through 2011.
In the position of CEO since 2014
Terry Spencer became CEO of the Company in 2014.
Pierce H. Norton II, currently president and chief executive officer of One Gas, Inc. (NYSE: OGS) will succeed Spencer as president and CEO of Oneok on June 28, 2021, at which time he will also join the Oneok Board.
Spencer will remain in his current role until Norton rejoins Oneok, at which time he will become an Advisor to Norton, allowing for a smooth leadership transition.
Spencer will continue as a member of the Oneok board of directors until his retirement.
Terry Spencer has served as president, chief executive officer and director of Oneok since January 30, 2014, when Oneok separated its natural gas distribution business into the stand-alone publicly traded entity, One Gas, Inc.
Spencer previously served as president and CEO of both Oneok and Oneok Partners until June 30, 2017 when Oneok finalized the merger with Oneok Partners.
Spencer joined Oneok in 2001.
Prior to his term as president and CEO, Spencer served in increasing levels of responsibility at Oneok, including as president of Oneok and Oneok Partners and as a member of the Oneok Partners board of directors.
As did Norton, Spencer began his natural gas industry career at Delhi Gas Pipeline in 1982.
Spencer earned a Bachelor of Science degree in petroleum engineering in 1981 from the University of Alabama in Tuscaloosa.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Terry Spencer’s move on a scale of 0 to 10.
exechange reached out to Oneok and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2021 ($).