- Push-out Score determined
- After almost eight years in the position
- Praise and thanks for Norton
- Search for a successor
- Norton kept it short and said 59 words
(exechange) — Tulsa, Oklahoma, May 26, 2021 — Pierce Norton, chief executive of One Gas, leaves. As announced by One Gas Inc. in a regulatory filing published on Wednesday, May 26, 2021, Pierce H. Norton leaves his post as chief executive officer at the natural gas utility after almost eight years in the role, effective June 27, 2021.
One Gas will undertake a search for a successor.
Career change
Pierce Norton’s departure from the CEO post is explained as follows. One Gas said: “Mr. Norton has accepted the role as President and CEO of Oneok, Inc. (NYSE: OKE) to be effective as of June 28, 2021.”
Norton will be President and CEO at Oneok
“Pierce H. Norton II, currently president and chief executive officer of One Gas, Inc. (NYSE: OGS) will succeed [Terry K.] 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,” Oneok Inc. said.
Oneok Inc. announced the move on Tuesday, May 25, 2021.
Oneok is a midstream service provider.
“Retire”
One Gas said: “On May 25, 2021, Pierce H. Norton II, the President and Chief Executive Officer of One Gas, Inc. (NYSE: OGS) (the “Company”) notified the board of directors of the Company (the “Board”) of his plan to retire as CEO and as a director of the Board, in each case, effective as of June 27, 2021 (the “Effective Date”).”
“Does not result from any disagreement”
“Mr. Norton’s resignation does not result from any disagreement with the Board, including, but not limited to, any disagreement regarding the Company’s operations, policies, or practices,” One Gas said.
Share price increase since May 2018
The announcement follows an increase in One Gas Inc.’s share price of 2% since May 2018.
Chaired by John W. Gibson
John W. Gibson serves as One Gas Inc.’s Chairman.
Gibson served as Chief Executive Officer of Oneok from January 2007 to January 2014.
He was appointed Chairman of the Board of Oneok in May 2011 and served as President from 2010 through 2011.
Gibson served as Chief Executive Officer and as Chairman of the Board of Oneok Partners, GP, L.L.C., the sole general partner of Oneok Partners, L.P. from 2007 until it was acquired by Oneok in June 2017.
Gibson was instrumental in the separation of One Gas from Oneok into a stand-alone, 100 percent regulated, publicly traded natural gas distribution company.
In connection with the separation, Gibson retired as Chief Executive Officer of Oneok and of Oneok Partners GP, L.L.C. effective January 31, 2014.
In the position of CEO since 2014
Pierce Norton became CEO of the Company in 2014.
Norton has served as President and Chief Executive Officer of One Gas since its separation from Oneok in January 2014.
Prior to the separation, he served as Executive Vice President and Chief Operating Officer of Oneok and Oneok Partners from 2011 to 2014.
Before that, Norton was President of the Oneok Distribution Companies – Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service.
Also, while at Oneok, he held the position of Executive Vice President of Natural Gas, which included responsibility for all natural gas pipelines and the natural gas gathering and processing businesses within Oneok Partners.
Prior to this time, Norton served in officer positions at Bear Paw Energy and KN Energy.
Norton also held positions of significant responsibility at American Oil and Gas and Delhi Gas Pipeline earlier in his career.
Norton is a member of the American Gas Association’s board of directors and served as its 2017 Chairman.
He currently serves as a board member of the National Petroleum Council, the Tulsa Community College Foundation, the Tulsa Community Foundation and the Oklahoma Center for Community and Justice.
He is a past board member of the Interstate Natural Gas Association of America, the Texas Pipeline Association, the North Dakota Petroleum Council and the Western Energy Alliance, formerly known as the Independent Petroleum Association of Mountain States.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Pierce Norton’s move on a scale of 0 to 10.
exechange reached out to One Gas and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2021 ($).