6 Williams Cos. board members quit after failing to dump CEO

In a letter made public Friday, former board member Eric Mandelblatt says he and five others quit Thursday after the remaining board members were unwilling to push out CEO Alan Armstrong.

Mandelblatt said Armstrong is "incapable" of increasing shareholder value and "lacks the necessary judgment and character" needed to lead the company after a failed $33 billion takeover bid from rival Energy Transfer Equity.