HOUSTON--(BUSINESS WIRE)--Nov. 14, 2013--
National Oilwell Varco, Inc. (NYSE: NOV) announced today that Chairman
and Chief Executive Officer Merrill A. “Pete” Miller, Jr. has informed
the Board of Directors that he intends to step down from those positions
contemporaneous with the completion of the previously announced plan to
spin off to its shareholders its Distribution Business as an
independent, publicly traded company. Mr. Miller will become the
Executive Chairman of that publicly traded distribution company on the
effective date of the spinoff.
The National Oilwell Varco Board of Directors announced that Clay
Williams has been appointed to the Board of Directors and that it plans
for Mr. Williams to succeed Mr. Miller as the company’s Chairman and
Chief Executive Officer. Mr. Williams has served as the company’s
President and Chief Operating Officer since December 2012 and previously
served as the Company’s Executive Vice President and Chief Financial
Officer. He served as Varco’s Vice President and Chief Financial Officer
from January 2003 until its merger with the Company on March 11, 2005.
Pete Miller joined National Oilwell in 1996, and after holding various
executive positions, has served as President, Chief Executive Officer
and Chairman since 2001. Mr. Miller came to the company with broad
industry experience, having previously served as Vice President of U.S.
Operations for Helmerich & Payne International Drilling Co. and as
President of Anadarko Drilling Company. Mr. Miller received an MBA from
Harvard Business School and an engineering degree from the U.S. Military
Academy.
Greg Armstrong, Lead Director of National Oilwell Varco’s Board of
Directors, remarked, “Pete has given National Oilwell Varco, its
employees, and its shareholders, over 12 years of truly exceptional
leadership. Under that leadership NOV’s revenues, net income and market
capitalization increased over 1000%, 2200% and 1100%, respectively.
Although we will all miss Pete and his impressive contribution to the
company’s success, we are pleased and excited that Pete will continue to
serve NOV’s shareholders as Executive Chairman of the planned
distribution spinoff. We also share Pete’s enthusiasm and confidence in
Clay’s leadership capabilities. Clay has played a significant role in
the company’s growth over the years and is well positioned to lead the
company into the future.”
Pete Miller stated, “I want to thank all the employees of National
Oilwell Varco around the world. Without their tireless hard work and
effort, this company would not be what it is today. I am confident that
with Clay, NOV has the right leadership for the future. The Board of
Directors has made an excellent choice, and I am confident that Clay’s
leadership will greatly benefit everyone for many years to come.”
Clay Williams remarked that "Pete has built an extraordinary company. He
has been a wonderful leader, example, mentor and friend to me, and all
of us at National Oilwell Varco are grateful to Pete for his vision and
entrepreneurship. We are excited about the opportunities he will pursue
for our new independent Distribution Business. I am humbled and excited
about the opportunity to follow in his footsteps and build on the great
foundation he has laid for this industry-leading franchise.”
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
