HOUSTON--(BUSINESS WIRE)--Feb. 27, 2014--
National Oilwell Varco, Inc. (NYSE: NOV) announced today that Clay C.
Williams has been appointed President and Chief Executive Officer of the
Company effective immediately.
The Company has previously announced that Merrill A. “Pete” Miller, Jr.
would step down as Chairman and Chief Executive Officer contemporaneous
with the completion of its announced plan to spin off its Distribution
Business to its shareholders as an independent, publicly traded company.
Mr. Miller elected to step down early as Chief Executive Officer but
will remain as Executive Chairman. Mr. Miller will step down as the
Company’s Executive Chairman simultaneous with the completion of the
spin off in order to become the Executive Chairman of that publicly
traded distribution company.
Mr. Williams has served as a member of the Company’s Board of Directors
since November 2013 and as the Company’s President and Chief Operating
Officer since December 2012. He previously served as the Company’s
Executive Vice President and Chief Financial Officer.
Pete Miller stated, “I elected to step down early as Chief Executive
Officer in order to smooth the transition. I am confident that NOV has
the right leadership for the future and I felt that it was important to
let Clay and his team start as soon as possible. I look forward to
working with Clay and the management team as the Company’s Executive
Chairman.”
Clay Williams remarked that "Pete has built an incredible organization
at National Oilwell Varco, one that has benefitted our customers,
suppliers, employees and shareholders. He has been an inspiring leader
for our team, and I look forward to building upon the traditions of
diligence and excellence that have been created here.”
National Oilwell Varco is a worldwide leader in the design, manufacture
and sale of equipment and components used in oil and gas drilling and
production operations, the provision of oilfield services, and supply
chain integration services to the upstream oil and gas industry.
Statements made in this press release that are forward-looking in nature
are intended to be "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to documents filed by
National Oilwell Varco with the Securities and Exchange Commission,
including the Annual Report on Form 10-K, which identify significant
risk factors which could cause actual results to differ from those
contained in the forward-looking statements.
Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Jeremy Thigpen, (713) 346-7301