Citigroup Maintains Its Buy Rating On WMB

Citigroup has published a research report on The Williams Companies WMB after the company announced its CEO would be retiring. In the report, Citigroup writes "WMB announced [yesterday] that current CEO& Chairman of the Board, Steve Malcolm, 62, will retire at the end of the year. Alan Armstrong, 48, who has served as the President of the Midstream business since 2002, will be taking over as CEO of Williams. In addition, the board of directors has appointed Frank MacInnis, 63, to succeed Malcolm as Chairman of the Board. Frank has served as a director of WMB since 1998. He retired as CEO of Emcor Group EME in May of 2010. Ralph Hill, will continue as head of the E&P business. Don Chappel, will remain in place as CFO of WMB." Citigroup maintains its $28.50 price target and Buy rating. The Williams Companies closed yesterday at $19.61.