HOUSTON--(BUSINESS WIRE)--Aug. 24, 2017--
NOW Inc. (NYSE:DNOW) announced today that Executive Chairman and
Chairman of the Board of Directors Merrill A. “Pete” Miller, Jr. has
informed the NOW Board of Directors that he intends to retire from the
Company effective October 1, 2017.
In conjunction with Mr. Miller’s upcoming retirement, Mr. Miller has
stepped down as Chairman of the Board and the NOW Board of Directors has
appointed J. Wayne Richards as the new Chairman of the Board of
Directors. Mr. Richards previously served as independent Lead Director
of the Company. Mr. Miller will continue to serve as Executive Chairman
and a director of DistributionNOW until the date of his retirement.
Pete Miller has been Executive Chairman and Chairman of the Board of
Directors of NOW Inc. since May 2014, when the Company was spun off from
National Oilwell Varco, Inc. Mr. Miller previously served as President,
Chief Executive Officer and Chairman of the Board of National Oilwell
Varco.
J. Wayne Richards, Lead Director of NOW Inc.’s Board of Directors and
President and Chief Executive Officer of GR Energy Services, Inc.,
remarked, “Pete has given DistributionNOW, its employees, and its
shareholders, over three years of great leadership. Although we will all
miss Pete, we are excited for him as he embarks on his well deserved
retirement.”
Pete Miller stated, “I want to thank all the terrific employees of
DistributionNOW for your hard work and dedication to the Company. We
have weathered one of the worst downturns in the industry and I believe
the worst is behind us. I am so proud of what has been accomplished
during such difficult times, and I am extremely excited to envision all
of the amazing things DistributionNOW will be able to do in the future.
While I am very saddened to leave this wonderful company, I am pleased
the Board has selected Wayne as Chairman. I am confident he, Robert and
the management team will provide strong leadership for the bright future
in store for DNOW.”
Robert Workman, President and Chief Executive Officer of NOW Inc.,
remarked that “Pete has been an incredible leader, mentor and friend to
me. We all here at DistributionNOW are grateful to Pete for his years of
leadership and for joining us when we spun from NOV. I personally wish
him nothing but the best as he begins to enjoy retired life. I am truly
excited about the future of DistributionNOW and have confidence in our
best in class employees that we will steer this company in the right
direction for years to come.”
NOW Inc. is one of the largest distributors to energy and industrial
markets on a worldwide basis, with a legacy of over 150 years. NOW Inc.
operates primarily under the DistributionNOW and Wilson Export brands.
Through its network of approximately 300 locations and approximately
4,600 employees worldwide, NOW Inc. offers a comprehensive line of
products and solutions for the upstream, midstream and downstream energy
and industrial sectors. Our locations provide products and solutions to
exploration and production companies, energy transportation companies,
refineries, chemical companies, utilities, manufacturers and engineering
and construction companies.
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Source: NOW Inc.
NOW Inc.
Daniel Molinaro, 281-823-4941