National Oilwell Varco (NOV) recently announced plans to spin off its distribution business to shareholders sometime in the first half of next year. Its MRO business won’t be the only thing leaving the company though, as current Chairman and CEO Merill ‘Pete’ Miller will be stepping down from his post and joining the new company as Executive Chairman. Mr. Miller has held these titles since 2001 so this will conclude a long reign at the top and a period which has witnessed a lot of growth. The parent company has found a replacement though in Clay Williams, NOV’s President and COO since December. Mr. Williams joined the board and will become Chairman and CEO after completion of the separation. He has also been CFO and an EVP at the company so he has really made his way around the C-Suite and should be very familiar with the business.
It’s always worth noting when a long time executive chooses to join the spinoff, although in this case it looks like Mr. Miller is also giving up the reins in the process.
Disclosure: Author holds no position in any stock mentioned.
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