Natural gas pipeline operator Spectra Energy Corp. said Monday one member of the board would replace another as chairman at the annual meeting, calling it a "rotation" of the position.
Spectra said Paul Anderson would step down as chairman but remain on the board. William T. Esrey, longtime chief executive and chairman emeritus of Sprint Corp., will become Spectra's chairman at the annual shareholders meeting May 7, the company said.
Anderson's tenure as chairman included the move to spin off from Duke Energy Corp. and become a stand-alone company in 2007. Anderson had been chairman and chief executive of Duke.
Esrey has served on the board since its founding in January 2007 and was a director of the predecessor companies.
Fred Fowler, Spectra's retired CEO, will leave the board at the May meeting, the company said. He will remain a director at the company's master limited partnership, Spectra Energy Partners.
Houston-based Spectra Energy Corp. owns natural gas gathering, processing, storage and distribution facilities, including pipelines from the Gulf Coast to Florida and the Northeast.
Shares of Spectra fell 98 cents, or 7.5 percent, to $12.02, and shares of Spectra Energy Partners fell 40 cents to $21.78.
via yahoo
Spectra said Paul Anderson would step down as chairman but remain on the board. William T. Esrey, longtime chief executive and chairman emeritus of Sprint Corp., will become Spectra's chairman at the annual shareholders meeting May 7, the company said.
Anderson's tenure as chairman included the move to spin off from Duke Energy Corp. and become a stand-alone company in 2007. Anderson had been chairman and chief executive of Duke.
Esrey has served on the board since its founding in January 2007 and was a director of the predecessor companies.
Fred Fowler, Spectra's retired CEO, will leave the board at the May meeting, the company said. He will remain a director at the company's master limited partnership, Spectra Energy Partners.
Houston-based Spectra Energy Corp. owns natural gas gathering, processing, storage and distribution facilities, including pipelines from the Gulf Coast to Florida and the Northeast.
Shares of Spectra fell 98 cents, or 7.5 percent, to $12.02, and shares of Spectra Energy Partners fell 40 cents to $21.78.
via yahoo
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