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Williams Hires New CFO Donald Chappel

April 15, 2003

TULSA, Okla. (AP) _ Williams Cos. hired a former Waste Management Inc. executive as its chief financial officer, the company announced Tuesday.

Donald R. Chappel succeeds Jack McCarthy, who retired in December. Interim CFO Gary Belitz resumes his duties as controller and chief accounting officer, the Tulsa-based energy company said.

Chappel, 51, most recently served as chief executive officer of a development business he founded in Chicago, Williams said. Chappel was CFO at Waste Management twice in the late 1990s.

Williams said Chappel played a key role in improving Waste Management’s finances before and after its 1998 merger with USA Waste Services.

Chappel joins a company that is selling assets and cutting costs to raise cash after forays into telecommunications and energy trading led to huge losses and burdensome debt.

Williams, which lost $736.5 million in 2002, has already sold or agreed to sell more than $7 billion in assets since December 2001.

Williams shares fell 1 cent to $5.39 on the New York Stock Exchange.

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