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National Oilwell Varco Finalizes Distribution Spin-Off
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National Oilwell Varco, Inc. has completed the spinoff to its stockholders of its distribution business as an independent public company, NOW Inc.
Chairman and CEO Clay C. Williams commented: "This action demonstrates National Oilwell Varco’s commitment to provide long-term value to our stockholders. With its strong management team in place, NOW is well-positioned to be a successful independent company."
NOW common stock will begin regular-way trading on the New York Stock Exchange under the ticker symbol 'DNOW' on June 2, 2014.
National Oilwell Varco has reported that Merrill A. “Pete” Miller, Jr. has stepped down as the Company’s Executive Chairman in order to become the Executive Chairman of NOW Inc. Clay C. Williams has been appointed Chairman of the Company’s Board of Directors effective immediately. 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 Executive Officer since February 2014.
Williams remarked, "I would like to personally thank Pete for his many years of extraordinary service and dedication to National Oilwell Varco. Pete has provided this company and its employees over 12 years of exceptional leadership and has, during that time, overseen almost unprecedented corporate growth. We will all miss Pete and we wish him and his family the absolute best."