Malcolm Named CEO of Williams

Steven J. Malcolm, current president and COO of Williams, has been named the company's new CEO by the board of directors. Malcolm, 53, succeeds Chairman Keith E. Bailey as CEO. Bailey will retain his position as chairman until the May 17 shareholders' meeting, when he is expected to announce his retirement.

The board also approved a regular dividend of 20 cents per share on the company's common stock, payable on March 25 to holders of record on March 15. Williams raised its common stock dividend to 20 cents in November 2001 -- the eighth increase in 10 years. The company has paid a common stock dividend every quarter since 1974.

"I feel privileged to pass the baton to Steve, who for 17 years at Williams has earned the respect of his peers and demonstrated outstanding leadership capabilities," Bailey said. "Becoming our new CEO is another step in the planned transition for Steve to take the helm at Williams. The board clearly shares my confidence in Steve."

Malcolm, who was named president and COO on Sept. 20, 2001, will remain company president. Williams does not anticipate filling the COO position.

"Under Keith's leadership, Williams has shifted focus to an energy-only company positioned to succeed no matter the market conditions," said Malcolm. "We will continue to be unwavering in our pursuit of financial strength through sound business practices and measured risk."

Malcolm joined Williams in 1984 from Cities Service Co. and has since served in a number of management positions of increasing responsibility. He served as senior vice president and general manager of gathering and processing for the field services unit from 1994-96, and as senior vice president and general manager of midstream gas and liquids from 1996-98. He was named president and CEO of Williams' energy services group in 1998.

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