HOUSTON--(BUSINESS WIRE)--Nov. 25, 2013--
National Oilwell Varco, Inc. (NYSE: NOV) announced that it has formed a
new Delaware corporation, NOW Inc., to eventually serve as the
independent, publicly traded company for its previously announced
proposed plan to spin off to its shareholders its Distribution Business.
The proposed publicly traded distribution business intends to operate
under the name DistributionNOW.
The Company also announced the names of certain members of the Executive
Management team for this company. On the effective date of the spinoff,
Mr. Robert Workman will become the Chief Executive Officer of the
publicly traded distribution company, Mr. Daniel Molinaro will become
its Chief Financial Officer and Mr. David Cherechinsky will become its
Chief Accounting Officer.
Mr. Workman started with National Oilwell Varco in 1991, and has held
various managerial positions with the distribution business group since
his start. He has served as President – Distribution Services since
January 2001. He also serves as the Chairman of the Petroleum Equipment
Suppliers Association and a member of the IPAA, IADC and API.
Mr. Molinaro is Vice President & Treasurer of National Oilwell Varco and
has served as Treasurer since 1987. Prior to joining the company, Dan
was Comptroller of the Oilwell Division of USX Corporation in Dallas,
Texas. He started with U.S. Steel Corporation (USX) in 1968, and has
held various managerial positions in Auditing, Accounting & Finance.
Mr. Cherechinsky has served as Vice President – Finance for the
Distribution business group since 2003, and as Vice President – Finance
for the Company’s Distribution & Transmission business segment since
2011. He previously served the Company starting in 1989 in various
corporate roles including internal auditor, credit management and
business analyst. He has an MBA and is a CPA.
National Oilwell Varco previously announced that Mr. Merrill A. “Pete”
Miller, Jr. will become the Executive Chairman of that publicly traded
distribution company on the effective date of the spinoff.
Mr. Miller remarked, “I’m very excited by the prospect of Robert, Dan
and Dave assuming key roles in management of this new distribution
company. They have incredible depth and industry experience, which will
enable our new company to grow and move forward successfully.”
National Oilwell Varco also announced that it intends to promote Mr.
Trevor Martin to the position of Treasurer on the effective date of the
spinoff, to fill the position that will be left vacant by the departure
of Mr. Molinaro.
Trevor Martin started with National Oilwell Varco as an internal auditor
in July 2004. He joined the Treasury Department in June 2007, as
Treasury Manager, and was promoted to his current position of Assistant
Treasurer in 2010.
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
